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How has the financial crisis affected Boomer retirement?

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2017 marks 10 years since the financial crisis began to unfold in 2007. Also known as the Great Recession, the financial crisis has greatly affected middle-income Baby Boomers who are now in or nearing retirement.

In fact, according to new research from the Bankers Life Center for a Secure Retirement, many Boomers are unsure about their chances for a secure retirement in the wake of the recession:

  • Only about one-third (31%) of middle-income Boomers feel well prepared or very well prepared for retirement, down from four in 10 (41%) before the financial crisis.

  • Just over one-third (37%) of middle-income Boomers are confident that they will have a personally satisfying retirement, down from more than four in 10 (44%) before the financial crisis.

  • More than half (57%) of middle-income Boomers feel confident in meeting their daily financial obligations, down from two-thirds (65%) before the crisis.

  • Nearly half (47%) of middle-income Boomers are confident in their ability to make smart investment decisions, just below its pre-crisis level of half (50%).

Still, nearly all (92%) of middle-income Boomers still plan to retire. But they’re adjusting their retirement expectations:

  • Four in 10 (38%) middle-income Boomers expect to rely on Social Security for their primary source of retirement income.

  • Before the crisis, about a third (35%) of middle-income Boomers expected to work full-time or part-time in retirement, but today half (48%) expect to work at least part-time.

  • Before the crisis, nearly half (45%) of middle-income Boomers expected to retire debt free, but today only about one-third (34%) do.

Interested in learning more about how the financial crisis has affected Baby Boomers in or nearing retirement? Check out the latest study released by the Bankers Life Center for a Secure Retirement, 10 Years After the Crisis: Middle-Income Boomers Rebounding But Not Recovered.

Everything you need for the life of your retirement

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