The average baby boomer may be forced to wait until 75 to retire, according to My New Financial Advisor (MNFA), a lead-generation service that connects clients with advisors.
MNFA based its conclusion on an analysis of 1,600 retirement reports submitted by boomers to FreeRetirementReport.com, a website offered by MNFA that evaluates users’ current and expected income and expenses, then produces an analysis of their retirement outlook. Users input their own information, which is compared to industry standards.
“The models are using the same assumptions advisors are using,” Frank Troise (left), founder of MNFA, told AdvisorOne on Tuesday. However, “the asset class assumptions in the ‘new normal’ are absurdly high.”