A recent study by Allianz Life Insurance Co. of over 3,000 adults between ages 44 and 75 identified five personality types of retiring boomers.
It should come as no surprise that the majority of boomers surveyed fit into the “Overwhelmed” category. Nearly one-third of boomers said they felt overwhelmed and concerned about their financial security. Part of that concern may be attributed to demographics, as this financial personality tended to have lower rates of education and income, high credit card debt, and few assets, according to the report.
“Overwhelmed” boomers said they were “pessimistic” or “in survival mode,” and one-third have been affected by job loss.
Boomers in their mid-50s with moderate income and assets are “Resilient” boomers, according to Allianz. Twenty-seven percent of boomers fit into this personality type, and one-fifth have been affected by job loss.
“Resilient” boomers were categorized as “pragmatic and grounded.” About half of these boomers said they plan to retire, although, generally, this personality type recognizes that they may have to work longer than expected. Most Resilient boomers plan to downsize their lifestyles in retirement and supplement income with Social Security.