Benefits March 7, 2006

Affluent Boomers Nearing Retirement with no Financial Plan

March 7, 2006 (PLANSPONSOR.com) - The newest survey from the Phoenix Affluent Marketing Service (AMS) has found that almost half of affluent baby boomers have never discussed their retirement needs with a financial advisor.
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The Phoenix AMS survey found that 36% of older baby boomers, age 50-59, with an average net worth (not including primary residence) of $1.7 million plan to retire in the next 6-10 years and 28% plan to retire in less than five years, according to a press release. Of those planning to retire, 62% do not have a written financial plan for retirement and 27% have never met with a financial advisor to discuss their needs for retirement.

Forty-nine percent of younger affluent boomers (age 41-49), with an average net worth over $900,000 plan to retire within the next six to 15 years, the release said. Of those, 64% have no written financial plan for retirement and 31% have never discussed their needs for retirement with a financial advisor.

Additionally, the survey found:

  • Older affluent boomers have $2.3 million in total assets, on average,
  • Younger affluent boomers have $1.9 in total assets, on average,
  • Older affluent boomers’ average investable assets are $1.1 million, and
  • Younger affluent boomers’ average investable assets are $905,000.

The Phoenix AMS program is a continuously fielded survey of affluent and high net worth households throughout the US, and provides an ongoing summary of affluent and high net worth household investment, financial and affluent lifestyle behaviors and attitudes.

More information about the Phoenix AMS can be obtained from David Thompson at 860-651-8400 or David.Thomspon@PhoenixMI.com , or by visiting www.phoenixmi.com .

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