Majority of boomers expect to retire without moving

In light of the continued economic uncertainty, most baby boomers say they’re likely to stay put in retirement, according to a new poll by The Associated Press. Those who hope to buy a new place are looking for a smaller home somewhere with a better climate that’s more affordable and close to family. The 77 million-strong generation born between 1946 and 1964 is increasingly worried about retirement and their finances in light of the economic crisis of the past three years. Just 9% say they are strongly convinced they’ll be able to live comfortably when they retire. Overall, about six in 10 baby boomers say their workplace retirement plans, personal investments or real estate lost value during the economic downturn. Of this group, 53% say they’ll have to delay retirement because their nest eggs shrank. Financial experts say those losses, including home prices, which have dropped by a third nationwide over the past four years, have left that generation anxious about moving and selling their homes. Slightly more than half of all boomers, 52%, say they are unlikely to move someplace new in retirement. And four in 10 say they are very likely to stay in their current home throughout their retirement. Older boomers are more apt to say they’re already settled in for their golden years; 48% of them say it’s extremely or very likely they’ll stay in the home they live in now throughout their retirement, compared with 35% among younger boomers. Read the rest of this week’s Real Estate Weekly here.