Tom Cruise is not the only male baby boomer willing to dabble in a little “risky business.” According to a recent study, boomer men like walking on a fine line that offers bigger rewards. And a bigger fall down.
According to the report developed by The Insured Retirement Institute (IRI), male baby boomers tend to embrace more risk than the female boomers when selecting investments.
“When selecting a retirement investment product, the most important feature to male boomers was rate of return followed by past investment performance,” according to the report.
By the numbers;
* 22.2 percent of male boomers favored rate of return
* 15.3 percent selected past performance
* 15.1 percent of female boomers favored rate of return
* 11.5 percent selected past performance.
As advisors begin to develop their marketing strategies, it’s interesting to note that “Women were inclined to select retirement products based on guaranteed monthly income (17.6 percent) and financial advisor recommendation (17.2 percent). Only 14.4 percent of male boomers pointed to guaranteed income with just 12.7 percent of men mentioning recommendation by an advisor as important.
“As our dads quickly approach retirement age, as financial professionals, we need to have conversations with them and their families to ensure that they have a financial plan in place to attain security during their later years,” said IRI President and CEO Cathy Weatherford. “The sooner we have these conversations, the more time they will have to prepare appropriately and make necessary adjustments. IRI has developed this fact sheet to provide a starting point and to help facilitate those conversations with a goal of developing a plan toward financial security.”
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