Married Baby Boomers are more likely to save for retirement, exhibit better planning habits and are more positive they will have a financially secure retirement than their single counterparts, but there's still room for improvement.
According to the Insured Retirement Institute, less than 40 percent of Boomer couples are confident in attaining financial security in retirement.
"Considering that just over half of all Boomer couples have not met with a financial advisor, significant opportunities remain to meet the needs of this key demographic," said IRI President and CEO Cathy Weatherford. "Previous IRI research has found that those who consult a financial advisor are more confident in having a financially secure retirement. So an important component to boosting retirement confidence among this group is to encourage them to sit with an advisor and map out a holistic plan for a secure retirement."
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About 82 percent of married Baby Boomers reported having some level of retirement savings, and 47 percent expect an employer-provided plan to be a major source of retirement income. Regarding their savings habits, two-thirds of Baby Boomer couples continued to contribute to their retirement accounts during the past year, and only about 14 percent prematurely withdrew assets from those accounts. Estate planning will be a key consideration for this market with two-thirds expressing the importance of leaving an inheritance.
Married people are more likely to postpone retirement than single individuals. They also are more likely to have calculated a retirement savings goal, 55.7 percent vs. 40.8 percent for singles.
The Insured Retirement Institute is a not-for-profit organization that for 20 years has been a mainstay of service, commitment and collaboration within the insured retirement industry.
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