Most boomers between the ages 60 and 65 say they will not have enough in savings to meet retirement income objectives, according to a new report.
The Insured Retirement Institute, Washington, D.C., released this finding in a new report, “Retirement Planning and the Elder Market: Advisor Strategies to Understand and Work with Senior Clients.” The study explores the challenges advisors face in conveying pertinent information to older clients, a market segment that is growing in both number and net worth.
Just over half (51%) of the survey’s respondents say they believe they will not have enough money on which to live comfortably through retirement. And more than two-thirds (70%) believe they will not have enough money to pay for long-term care expenses.
Despite their proximity to retirement, IRI finds, only 58% have determined the amount of money they will need to save for retirement. And less than half (45%) have ever consulted a financial advisor.
Additionally, two thirds (67%) say it is important to them to leave an inheritance to their loved ones.
Among the report’s other key findings:
—One-quarter (25%) of the U.S. population was at least 55 years of age in 2010, compared to 21% in 2000.
—The number of Americans between the ages of 55 and 59 grew 46% since 2000; the number in the 60-64 year-old segment grew 56% during the same period.
—There has also been notable growth among the oldest Americans, as noted by a 30% increase in the number who have attained age 85 over the past decade.
—The highest median net worth is among individuals between ages 55 and 64. Additionally, the median net worth for families in which the head of household is at least 75 years old is nearly 20% higher than that of boomers between ages 45 and 54.