People born between 1961 and 1966 worry more about their retirement than older boomers, a Tuesday report from Allianz Life found. The life insurance company surveyed Americans between ages 44 and 75 and found 97% of people in their late 40s say there is a "retirement crisis" in the United States.
With that in mind, 54% say they are "totally unprepared" for retirement. Young boomers were also more likely to say they needed to "take more control of their financial future" (47%) than older boomers (35%). More than one-quarter feel they are too financially vulnerable. They were also more likely to say they needed to "attain more certainty and financial security" by a wide margin (41% vs. 30%). Perhaps a sign of the recession's emotional affect, 84% say their money is more important to them now than it was a few years ago.
Young boomers are clearly struggling with retirement, but they present an opportunity for advisors. Less than 20% of young boomers are currently working with a financial professional and 47% said they were receptive to working with one in the future. Just 29% of the total group agreed.
Young boomers agree that advisors are helpful; 95% said it was “important” or “extremely important” for an advisor to help protect a portion of their nest eggs, and more than half say they want help planning a “stable and secure retirement.”