Baby Boomer Retirement Confidence Slips Again, Signs of Optimism Spotted
Targeted News Service |
"One of the most striking developments since we began this research series is the decline in Boomers who did not know when they would retire," IRI President and CEO
While Boomers' current economic outlook has also soured, they are beginning to show optimism that their financial situation will improve, with 42 percent of Boomers expecting things to improve in five years, compared to 33 percent of Boomers who shared this view in 2013.
Other key findings from the report:
A quarter of Boomers postponed their plans to retire during the past year.
28 percent of Boomers plan to retire at age 70 or later.
One in 10 Boomers prematurely withdrew savings from a retirement plan during the past year.
80 percent of Boomers have retirement savings.
About one-half of Boomers with retirement savings have
55 percent of Boomers have calculated a retirement savings goal, up from 50 percent in 2013.
Of those calculating a retirement savings goal, 76 percent are factoring in the cost of health care.
Three in four Boomers say tax deferral is an important feature of a retirement investment.
Nearly 40 percent of Boomers would be less likely to save for retirement if tax incentives for retirement savings, such as tax deferral, were reduced or eliminated.
Boomers planning for retirement with the help of a financial advisor are more than twice as likely to be highly confident in their retirement plans compared to those planning for retirement on their own.
The IRI study is based on a survey of 800 Americans aged 51 to 67. The report was released during a conference call with reporters to open National Retirement Planning Week 2014. The annual campaign promotes and encourages comprehensive retirement planning.
The entire report, "Boomer Expectations for Retirement 2014," is available HERE. (http://goo.gl/uyMP2n)
About National Retirement Planning Week 2014: National Retirement Planning Week 2014 will take place from
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