65 No Longer The Magic Age For Retirement
The study - The Middle-Income Boomer Retirement Gap: Savings, Education and Advice– surveyed 1,000 Americans aged 50 to 68 with an annual household income between
Of those still working, more expect to retire after age 65 (43%) than before age 65 (16%). Just two in 10 (19%) expect to retire at age 65.
Financial barriers to a comfortable retirement
Although Boomers are optimistic about retirement, many are concerned about meeting their financial needs in retirement.
While one-third (38%) feel very or extremely confident about their retirement savings, two-thirds (62%) express some doubts, with a quarter (25%) being not too confident or not at all confident.
Greater investable assets equal greater peace of mind
Middle-income Boomers view a half-million dollars in investable assets as the financial threshold for retirement security. Two-thirds (66%) of those with investable assets between
However, most middle-income Boomers have not achieved this level of asset attainment. Only one in 10 (13%) Boomers had investable assets of
One explanation for lower investable assets may be that Boomers are heavily invested in their homes. While the median investable assets are
Health care expenses a growing concern, with good cause
According to the
In an
Perspective, middle-income Boomers estimated the cost of one year of nursing home care at
Further, Boomers are largely unprepared for managing major changes in their health:
- 65% don't have a current health care power of attorney
- 64% lack an up-to-date living will
- 63% do not have a current last will and testament
"Boomers are facing a challenging retirement environment, but just about any of them can improve their financial security through a combination of investment and protection products," said
Methodology
The Middle-Income Boomer Retirement Gap: Savings, Education and Advice is part of a series of studies commissioned by the
The internet-based survey consisted of a nationwide sample of 1,000 Americans. All respondents were aged 50 to 68 and have an annual household income between
Quotas were established based on the
About the
The Bankers Life
Bankers Life products focus on the insurance needs of the middle-income retirement market through nationwide subsidiaries of
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/65-no-longer-the-magic-age-for-retirement-300006586.html
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