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.