Investable retirement assets among Americans over 55 are expected to reach $22 trillion by 2020, according to LIMRA.
An analysis released Monday found people between 55 and 64 years old had a little over $6 trillion in investable assets. That group is expected to have accumulated $10.2 trillion by 2020. Americans over 65 had nearly $6 trillion in 2010, and are expected to have over $11 trillion in 2020.
“There is a huge opportunity for the financial services industry to help Americans identify how much income they will need in retirement, develop a plan for investing their portfolio to generate income, while continuing to grow their assets,” Jafor Iqbal, associate managing director for LIMRA Retirement Research, said in a statement.
That opportunity should be relatively easy to act on with older consumers, a separate survey by Accenture, released Tuesday, found. The Accenture survey found boomers were less likely than younger investors to mistrust financial advisors.
Boomers were far more likely than millennials to take their advisor’s financial advice without feeling the need to consult other sources, and one-third of boomers said they spent “a lot of time” researching their options before making a major financial decision, according to Accenture.