The research found that 56% of all baby boomers (age 44-62) say they are less confident than they were three months ago that their retirement savings will last them through retirement, according to a Longevity press release. Of those with retirement savings, seven in ten said they were “less confident” overall, with 35% indicating they are “somewhat less confident” and 36% indicating they are “much less confident.”
However, only 39% of baby boomers with retirement savings said they have changed or plan to change their retirement savings strategies as a result of the current economic conditions.
Of those who have changed or plan to change their retirement savings strategies, the survey found that seeking “the advice of a financial adviser or retirement planning professional” was the top change cited (43%), followed by “re-allocate funds from stocks to more conservative investments” (31%). Other changes sited were investing in value-priced stocks (20%), buying long-term care insurance (13%), and purchasing an annuity (12%).
The release said Longevity found some distinct differences between women and men in their survey, including:
- Among adults of all ages, men are more likely than women to have retirement savings (78% vs. 70%).
- Compared to male baby boomers, female baby boomers are much more likely to say they have less confidence in their retirement savings (61% vs. 49%).
- Among those who have changed or plan to change their retirement savings, more baby boomer women than men say they have or will buy long-term care insurance to protect their assets (18% vs. 7%).
The Retirement Planning survey was conducted online within the United States between February 27 and February 29, 2008, among 2,521 adults ages 18+, of whom, 831 are Baby Boomers.
Research and other retirement planning help, including “Five Tips for Retirement Planning,” is available at www.longevityalliance.com .
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