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April 11, 2018 at 06:30 PM
Two weeks ago, the Insured Retirement Institute reported that even members of Generation X who have financial advisors may be getting less information than they want about personal protection insurance.
(Related: These 3 Threats Scare Gen Xers More Than Basic Retirement Costs: IRI)
Now, IRI has published another batch of survey data that suggests that baby boomers with financial advisors may be suffering from a similar insurance advice deficit.
IRI analysts have based the new report on results from an online survey of 806 U.S. residents ages 55 to 71.
The analysts found that 27% of the survey participants had talked to a financial professional of some kind about retirement planning.
The analysts also found that many the participants were worried about two risks that can be managed with insurance: high health care costs and cognitive decline. Sixty-nine percent of the participants ranked high health care costs as a top retirement planning concern. Fifty-two percent ranked cognitive decline as a top concern.
