How has the financial crisis affected Boomer retirement?

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.