We recently reported that boomers fear outliving their retirement savings more than death. A new report from the Insured Retirement Institute further highlights boomers’ retirement fears. The report found that among boomers more than five years away from retirement, “living within a fixed income” is the top retirement focus.
IRI found that 60% of respondents said they were afraid of outliving their savings and investments, and 70% say they are worried their household isn’t saving enough. Furthermore, nearly half of survey respondents said they would put “most of their assets” in guaranteed income products, even if they paid a lower return.
According to the IRI report, just over one-third of boomers within five years of retirement have a fully vested pension. Cathy Weatherford, president and CEO of IRI, worries that boomers may rely too much on Social Security.