A sampling of studies done in 2002 on boomer and/or pre-retirement planning issues
In January, Allianz Life Insurance Company of North America, Minneapolis, published results of two surveys showing that the majority of baby boomers and generation X-ers say their financial well being is a higher priority than their mortality. The surveys covered 800 consumers in 2001 and 400 consumers in 2002, respectively, all in the 25 to 45 age group. Further, it found that, in event of a serious financial setback, 58% believed they would need financial assistance after less than six months.
In May, a researcher from the Employee Benefit Research Institute, Washington, D.C., warned that it is not clear how boomers are going to pay for their retirement. Citing new pension plan participation data from the U.S. Census Bureau, EBRI senior research associate Craig Copeland said that even among U.S. residents making at least $50,000 in 1993 dollars, in 1998, 25% were not participating in a pension plan. The nation has to get serious about planning for the retirement of baby boomers, he concluded.
In July, AIG SunAmerica, Los Angeles, a member of American International Group, said a study it had commissioned found that traditional notions of retirement now reflect a lot of diversity in retirement lifestyle and needs. Conducted by Harris Interactive and Dr. Ken Dychtwald, a gerontologist, it polled 1,003 people age 55 and up. While 27% expect to be too active in retirement to be bored and 19% predict they will be comfortably content, the survey said the remaining 54% worry about, or anticipate problems with, their future finances.