According to findings from a report by the Insured Retirement Institute (IRI) “the continuing slow recovery from the economic recession is having a prolonged effect on boomer confidence levels.” In addition to the economy, boomers “will be the first generation in which defined contribution plans are a major source of retirement income.” The challenge posed by this shift toward defined contribution plans means that boomers have much more personal responsibility in managing the assets, accumulated during a lifetime, for their retirement.
The report also looked at how boomers are faring with and without a financial advisor.