BOOMERS’ RETIREMENT OUTLOOK
THIRTY-EIGHT percent of middle-income Baby Boomers—those with a
household income between $30,000 and
$100,000 and less than $1 million in
investable assets—expect Social Security
to be their primary source of income in
retirement. This is an increase from
30% before the financial crisis of 2008,
according to “ 10 Years After the Crisis:
Middle-Income Boomers Rebounding but
Not Recovered,” a study by the Bankers
Life Center for a Secure Retirement.
of Boomers have
retirement savings, the
in the seven years of the
IRI “Boomer” report.
of Baby Boomers
the percentage of their
income that may be needed
for health care costs.
who work with
Only 4 IN 10 Boomers have
tried to calculate how
much they need to save
to retire, and of these
only 6 IN 10 included
estimates of health care
costs in their calculations.
Source: Insured Retirement Institute, “Baby Boomer Expectations for Retirement 2017,”
based on a survey of 800 Americans ages 54 through 70.
Boomers believe they
will have enough to last
and that they have done
a good job preparing.
of Boomers think
they will need an
annual income of
in today’s dollars.
worry they will be
hit with yet another
financial crisis in
A scant 2% of middle-income Baby
Boomers think the economy has fully
recovered, and 65% say they have felt no
personal benefit from a bounce back.
Sixty-eight percent worry they will be hit
with yet another financial crisis in their
Prior to 2008, 45% expected to retire
debt-free, and today, only 34% expect to
do so. Nonetheless, 92% of Boomers still
plan to retire, though 48% plan to work
either full-time or part-time in retirement—up from 35% before the crisis.
“Social Security was designed to be a
safety net, not a primary replacement for
savings or income,” says Scott Goldberg,
president of Bankers Life. “Those who
are in or near retirement should consider
the various ways they can create future
income to help achieve a secure retire-
ment. There are products readily available
in the marketplace that can help.”
The internet-based survey was
conducted among 1,000 middle-income
Baby Boomers, between the ages of 52
and 70. —Lee Barney