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Financial professionals boost Boomer confidence

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Although economists say the U.S. has recovered from the financial crisis that began to unfold 10 years ago, middle-income Baby Boomers are still changing their investment strategies as a result of the recession. In fact, according to a new study from the Bankers Life Center for a Secure Retirement, three-quarters (74%) of Boomers have taken at least one step to change their investment behavior, most commonly taking more defensive measures.

Boomers are making more conservative investment choices (28%) or regularly reviewing or adjusting investments (18%). However, one-quarter (26%) of middle-income Boomers report that they no longer invest as a result of the crisis.

One in 10 Boomers said they sought out additional financial education on their own (10%) or began working with a financial professional (8%).

The study found that Boomers who work with a financial professional are more confident in their ability to meet daily financial obligations, make smart investment decisions and have a personally satisfying retirement than Boomers who don’t receive professional guidance of any kind.

For example, more than half (55%) of middle-income Boomers who work with a financial professional are very or mostly confident in their ability to make smart investment decisions, compared to just four in 10 (44%) of those who do not work with a financial professional.

Meanwhile, half (48%) of middle-income Boomers who work with a financial professional are extremely or very confident in their ability to have a personally satisfying retirement, compared to just one-third (33%) of those who do not work with a financial professional.

Impact of working with a financial professional

Are you ready to gain the confidence that comes with working with a financial professional? A Bankers Life Securities financial advisor can meet with you to discuss and understand your objective, providing you guidance and assistance in helping you achieve your investment goals.

Everything you need for the life of your retirement

1Bankers Life Center for a Secure Retirement, 10 Years After the Crisis: Middle-Income Boomers Rebounding But Not Recovered, February 2017.