A new study shows more and more Texans think they're going to have to work 'til they drop, because they are far from ready for retirement, 1200 WOAI's Berit Mason reports.


  The study, done for Wealth Enhancement Group, a financial management company with offices across the state, shows 42% of men and a scary 57% of women say they will have to work until they are no longer able, saying they are 'not at all confident' that they will have enough money for retirement.


  Wealth Enhancement Group co founder Bruce Helmer tells 1200 WOAI news that women are actually better clients of financial planning services than are men, and this survey shows many women need some financial advice.


  "Women are better direction followers," he said.  "If they go get financial advice they will stick to it, while men are more likely to take matters into their own hands."


  Helmer says an aging Baby Boomer population in Texas feels that, while they have generally accrued more wealth than their parents, they are not confident they will have enough money for retirement.


  Much of that is due to the changing face of retirement.  People who retired in the 1960s through 1980s were far more likely to be able to rely on defined benefit pension plans, which are today almost unknown for private sector workers.  Retirement was a much shorter proposition for workers who were then far more likely than people retiring today to die within ten years of their retirement.


  "For many years now, members of the Baby Boom generation and Generation X learned that they may not receive Social Security benefits," Helmer said.  "Combine that with the Great Recession, credit card debt, and employers having to tighten on benefits, no wonder many Texans feel uncertain about their retirement.


  Helmer says the answer for many Texans older than forty more and more is, get a long term financial plan and stick with it.


  "Pay down debt, inefficient debt like credit cards, with high interest and debt which is not tax deductable," he said.  "We need to get into the habit of paying ourselves first."


  Helmer points out that, while Texans are not optimistic about retirement, we are more optimistic than the nation as a whole.  In fact, the optimism level of Texas men and women is fully 10 percentage points above the national average.