"From a retirement planning perspective, we need to start segmenting the Boomer cohort to ensure that we are appropriately addressing their unique retirement needs and challenges," said
While the percentage of all Boomers who are confident they have sufficient funds to cover their retirement years sunk to 34 percent in 2013, results varied within the broader group. Early Boomers, those aged 61 to 66, were slightly more optimistic with 42 percent believing they have enough savings to live comfortably throughout retirement. But for late Boomers, those aged 50 to 55, only 25 percent shared this confidence.
Key findings from the report:
– While savings are lagging for both groups, 47 percent of late Boomers reported having less than
– Insufficient savings is the most common reason late Boomers are uncertain as to when they retire, as stated by 27 percent. By contrast, the most common reason for the uncertainty among early Boomers, as stated by 20 percent, is that they enjoy working.
– Of late Boomers, 31 percent are struggling to pay their rent or mortgage and 34 percent are financially supporting an adult child, compared to 20 percent and 21 percent, respectively, of early Boomers.
– More late Boomers remain in the labor force, 80 percent, compared to only 43 percent of early Boomers.
The full report can be found HERE (http://www.myirionline.org/eWeb/uploads/2013%20JUNE%20Research%20-%20Early%20v%20Late%20Boomers.pdf).
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|Copyright:||(c) 2013 Targeted News Service|
|Source:||Targeted News Service|