Close Close

Retirement Planning > Retirement Investing

IRI: Boomers Fuzzy About Retirement Resources

Your article was successfully shared with the contacts you provided.

Many U.S. baby boomers are still not sure how much they should save for retirement.

The Insured Retirement Institute, Washington, has published data on boomer retirement planning efforts in a report compiled by Strategic Business Insights, Princeton, N.J. Strategic Business polled 4,100 homes. The sample included 1,500 households with an annual income of $100,000 and assets of $500,000 or more.

Researchers divided the participants into two groups: boomers who believe they are within 5 years of retiring and other boomers.

The researchers found that many of the boomers surveyed are looking for financial advice, and that boomers who believe they are close to retiring are especially hungry for ideas. About 60% of the boomers who are near retirement said they already have talked to a financial specialist: 22% have talked to an accountant, 21% have talked to an independent financial planner or consultant, and 16% have talked to a Certified Financial Planner.

The researchers also found that about 30% of the boomers who are not near retirement and 42% of the boomers who are near retirement believe they are likely to get advice about retirement in the next 12 months, and that more than 20% want to seek out comprehensive financial planning services. About one-fifth of the boomers said they are likely to seek help with estate planning.

The researchers report that many boomers who are close to retirement prefer to do financial planning face to face.

About 75% of the near retirees prefer to handle financial business in person, and 70% will obtain retirement savings information only face to face; only 54% of the other boomers surveyed insist on getting retirement savings information face to face.



© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.