As more baby boomers move into retirement, an unsettling pattern is emerging. Years of poor savings, rising health care costs, and a tepid recovery have left many older Americans so frustrated that they are basically giving up on their dreams.
The percentage of boomers who report feeling satisfied with their economic situation has plunged the last four years, according to a new report from the Insured Retirement Institute. It’s a sharp turnaround from the first few years after the financial crisis, when satisfaction rose. But the gauge has been in steady decline ever since—just 43% say they are satisfied this year, down from 79% in 2012, the report found.