New research from the Insured Retirement Institute finds middle-income baby boomers lack confidence and resources to maneuver into retirement, and that this segment is largely underserved by financial professionals.
Middle-income boomers are defined as those with income between $30,000 and $74,000.
According to IRI, these boomers recognize the need for retirement planning, yet only half have determined their financial need for a comfortable retirement. Additionally, while roughly one-half (48 percent) say they lack the confidence to work through the ins and outs of investing, less than 50 percent have contacted an investment advisor. Of those needing advice, only 43 percent have contacted an investment advisor, leaving a substantial gap for advisors to fill.
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