A recovering economy has done little to change the bleak retirement Baby Boomers see for themselves in the future, according to new findings released by the
Single and middle-income Boomers — those earning between
Most are uneasy about the economy, with more than six in 10 (62%) saying that they believe their personal financial situation will be the same or worse five years from now. The majority (60%) believes their financial security will be about the same or worse than that of their parents.
The findings were released as part of the kick-off to National Retirement Planning Week, an initiative to raise the awareness of the need for comprehensive retirement planning,
One way Boomers can “feel more in control” and more confident is by working with financial advisors, noted
“If advisors can provide a level of certainty,” she added, “it would help Boomers feel more confident in retirement.”
The research found that more Boomers expect to delay their retirement and rely on post-retirement employment to supplement their income. Approximately two-thirds (64%) expect wages from jobs taken after retirement to be a source of income, up from 57% last year. More than one-third (35%) plan to retire after 66, up from 28% the year before. More than one in five (23%) expect to work into their 70s.
Another significant finding is that Boomers are beginning to see employer-sponsored defined contribution plans as being just as important as social security as a source of retirement income. More than four in 10 Boomers (42%) expect workplace retirement plans to provide a major source of retirement income, up from 36% last year. As many rely on social security as a significant income source.
The survey was based on telephone interviews with 803 Americans between the ages of 50 and 66. The interviews were conducted from
|Copyright:||(c) 2012 Financial Planning. All rights Reserved.|
|Source:||Source Media, Inc.|