Boomers Are Also Hungry for More Advice About Insurance: IRI
A new report reveals planning gaps that are similar to the gaps IRI found for members of Generation X.
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.
But the survey participants were much less likely to have talked to their financial professionals about health insurance or long-term care planning than about income planning.
About 94% of the participants had talked about investment selection with their advisors, and 84% had talked about annuities.
Just 67% had talked about long-term care planning.
Only 57% had talked about Medicare supplement insurance.
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