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Retirement Planning > Retirement Investing

IRI: Economy Clouds Boomer Retirement Expectations

By Warren S. Hersch

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Since the recession started, one-third of boomers have stopped contributing to 401(k) plans, individual retirement accounts or other retirement arrangements, according to the Insured Retirement Institute (IRI).

IRI, Washington, has published that statistic in a summary of results from a recent survey of 801 U.S. adults ages 50 to 65.

IRI sponsored the survey in connection with a National Retirement Planning Week campaign that started Monday.

About 20% of boomer survey participants have prematurely withdrawn funds from their retirement accounts, impacting their future retirement assets, and one-quarter have postponed plans to retire, IRI says.

About 39% of the participants said they expect to retire while in their 60s, and 17% anticipate working into their 70s and beyond. Just 5% said they expect to retire while in their 50s.

Among those who are uncertain about their retirement age, the most common reasons cited were expecting to work part-time (19%), not having saved enough (11%), and not being sure about having enough money on which to retire (15%).

About 11% said they enjoy working, and 8% said they have no plans to retire.

Other survey findings:

  • 61% of the survey participants indentified an age at which they plan to stop work completely, but about a quarter of them chose an age that will not make them eligible for full Social Security benefits.
  • 41% of boomers view Social Security as a major source of retirement income, and 43% view the program as a minor source of retirement income.
  • Only one-third of boomers expect personal savings and investments to play a major role in generating retirement income.

Other retirement education coverage from National Underwriter Life & Health:

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