As Boomers move into their pre-retirement and retirement years, most report insufficient retirement savings, and have not taken appropriate steps to plan effectively for their sunset years.
A new IRI report forecasts that more advisors will embrace holistic retirement planning with a focus on income-generating strategies, as they try to address strong demand for lifetime income while adding value to the client-advisor relationship.
Pensions are helping many retirees attain financial security, but replacing them will be a key issue for future retirees. IRI estimates 56 million Baby Boomers will not receive income from a pension and need significant savings to cover the gap.
IRI released a new report that found less than a quarter of Baby Boomers are confident they will have enough savings to last throughout their retirement years. This is the lowest level since IRI began this research study in 2011.
New IRI research found only 24 percent of GenXers are highly confident they will have enough money to support themselves throughout retirement. The lack of confidence may be warranted given that more than a third have nothing saved for retirement.
IRI released its annual state of the industry report detailing how ongoing product innovation efforts will support continued demand for lifetime income. These efforts, IRI notes, are providing consumers with a wide array of lifetime income options.
A new IRI study on women’s retirement planning perspectives found eight in 10 women have concerns about saving enough for retirement, with the majority saying they are very concerned. The report also found women have more financial concerns than men.
IRI released a new report highlighting the difficult decisions confronting Baby Boomers as they march toward their retirement years with inadequate savings. Among the options: postponing retirement, increasing savings, and reducing expenses.
IRI and the Center for Generational Kinetics released new research on the retirement outlook of Millennials. The study found 68 percent of Millennials said they are saving, but only 29 percent indicated they are actively planning for retirement.
IRI issued a new study finding Baby Boomers’ confidence in having sufficient savings to last throughout retirement has dropped to a five-year low. Declining annually since 2011, only 27 percent of Boomers are highly confident their savings will last.