Not surprisingly, boomers maintain their course for retirement, but many say it's harder to find a trustworthy source of advice.
A Charles Schwab pulse survey completed last week between Jan. 7 and Jan. 14 shows one in four (26 percent) adults surveyed ages 55 to 64 do not know whose advice to trust when it comes to retirement planning. Additionally, 33 percent of 55 to 64 year olds indicated they are confused about weighing the immediate marketplace alongside their long-term goals.
Meanwhile, research released last week from the Retirement Income Industry Association's (RIIA) Research Committee indicates boomers are likely to decrease the number of relationships they have with financial institutions and will collectively reshape the entire financial industry. RIIA released these findings in a new study entitled "Financial Institutions and Retiring Boomers: Convergence's Payoff or Payback?"
"This is a life-stage phenomenon made more dramatic by the sheer number of boomers in retirement and entering retirement," said Larry Cohen, Vice President and Director of SRI Consulting Business Intelligence and co-author of the study. "When boomers reach the empty nest stage, they discover that they no longer need all of the financial relationships that they have accumulated over 40 years of homebuilding and career development. This will result in even more cuts in the number of financial relationships and the transference of assets to a smaller number of firms that can meet Boomer needs. Plus, this transformation may occur over a much shorter timeframe due to the tumultuous events of the last several months in the financial markets."