Advisors: Look to middle-market boomers

“Our research shows that although boomers have the means to save for retirement, they do not believe they have the knowledge to select the best investment vehicle to meet their future needs,” said IRI President and CEO Cathy Weatherford in a statement detailing the study. “Clearly, financial professionals have the knowledge and expertise to serve this market and can provide the needed guidance to boomers looking to fund and build their retirement nest egg.”

Other findings of the report include:

• Boomers who consult advisors believe they are doing a good job preparing financially for their own retirement, with 90 percent stating so, compared to 63 percent of those who do not use advisors.
• Of the middle-income boomers who have consulted a planner, most do so to seek their expertise–whether it’s in building a plan or validating a plan that the boomers have constructed themselves.
• When asked to identify the most important trait they look for when selecting a retirement investment product, middle-income boomers identified principal protection (19 percent of respondents) and guaranteed income (17 percent).
• Most middle-income Boomers can expect to receive an inheritance during their lifetimes, increasing assets by approximately 30 percent of their current wealth.

For more on baby boomers and retirement planning, see:

• Not your father’s retirement
• Discussing the unthinkable: Boomers and LTC
• When I’m 65: Boomer survey