According to a report released by the Insured Retirement Institute (IRI), baby boomer confidence in their financial preparedness for retirement dropped nine percent, from 44 percent in 2011 to 35 percent in 2014. When compared to 2013, only 35 percent of boomers are extremely or very confident that they are doing or did a good job preparing for retirement in 2014.
However, the report points out that there are signs of optimism among boomers, mainly related to having enough money to cover medical expenses and that their financial situation will continue to improve: 42 percent said they expect things to improve in five years, compared to 33 percent in 2013.
Another good indicator that the report shed light on is that boomers working with advisors tend to have more confidence in their expectations towards retirement. The survey interviewed a total of 800 participants between the ages of 51 and 67 from January 17 to 20, 2014.
You can find the full report here. View more highlights from the report in our infographic below.