Boomer Confidence in Retirement?
A recent study by the Insured Retirement Institute (IRI) discussed the expectations of baby boomers and their retirement plans. In this study, the IRI shares how confidence in retirement preparation among boomers continues to decline, where one in five boomers do not have savings for retirement in 2014. However, there have been minor improvements to other areas, such as the percentage of boomers with retirement savings, their total savings, as well as the number of boomers with a retirement savings goal and planned retirement age. One important finding that came from this study is the decline in boomers who did not know when they would retire, where only 17% are uncertain, decreasing from 35% in 2011.
Today, only 35% of boomers are confident in their retirement plans, dropping from 44% in 2011. In addition, boomers satisfaction with how they are doing financially has decreased, moving from 19% in 2013 to 32% dissatisfied today.
Why has boomer confidence decreased, despite continuous improvements in the economy and stock market? This study shares how boomers who are working with a financial advisor feel more confident about retirement and exhibit better retirement planning behaviors. It states that boomers who work with an advisor are two times more confident in having sufficient savings for retirement, compared to boomers planning retirement on their own.
Are you well prepared for retirement or is it time for you to sit down with an advisor and review your financial retirement plan? Remember, you can always find the help you may need at Cornerstone Retirement Group by calling our office at (775) 853-9033.
To review the full study, Click Here.