We’re in the midst of the prime Baby Boomer years of retirement, with about 10,000 Boomers turning 65 every day!1
With many traditional retirement benefits being reduced or no longer accessible to the Boomer population, they are now exiting the workforce with an increased amount of personal responsibility for their own financial security. However, for many, baby boomer retirement savings aren’t where they should be.
At the same time, the challenges of saving in the middle class income range, investing, and managing assets through retirement are becoming more complex. Navigating this world requires an increased level of knowledge, training and experience with financial matters and an ability to draw on trusted resources for information and guidance.
What is a baby boomer to do?
Do you ever wonder, “Should I get a financial advisor?” Considering the fact that two-thirds (62%) of middle-income Boomers express some doubts that they will have enough money to live comfortably throughout retirement, many Baby Boomers could really benefit from professional financial services.
With the release of this new study, Bankers Life Center for a Secure Retirement explores how middle-income Boomers are saving for retirement, and the extent they use professional financial services.
1Forbes, Social Security Feels Pinch As Baby Boomers Clock Out For Good, https://www.forbes.com/sites/greatspeculations/2018/06/21/social-security-feels-pinch-as-baby-boomers-clock-out-for-good/#1b38de384995, June 21, 2018.
How much have Baby Boomers saved for retirement? Two-thirds (62%) of middle-income Boomers express some doubts that they will have enough money to live comfortably throughout retirement.
Eight in 10 (83%) of middle-income Boomers have not received any specialized training or education on topics related to retirement financial security.
When it comes to average retirement savings Baby Boomers have accumulated, more than half (54%) of middle-income Boomers report investable assets of less than $100,000, with one-third (34%) reporting less than $25,000.
Six in 10 (59%) of middle-income Boomers do not receive professional financial advice for retirement planning.
Of Boomers who don’t receive professional financial services, nearly nine in 10 (85%) have not been contacted by one asking for their business in the past year, including nearly two-thirds (63%) who’ve never been contacted.