Boomers Want Retirement Income They Cannot Outlive

However, 45% said they do not know how to select a retirement income product, according to a survey by fixed income annuity provider Annexus.

Most Baby Boomers are unsure they have saved enough, fixed income annuity provider Annexus found in a survey. Only 33% are confident they have adequate retirement savings.

Correspondingly, 80% said their No. 1 retirement goal is to have a reliable source of income that they cannot outlive. However, 45% said they do not know how to select a retirement income product.

“We’ve seen a massive shift in the retirement landscape that has forced Baby Boomers to become largely self-reliant in building and protecting their retirement assets,” says Annexus co-founder Don Dady. “Boomers are living longer, and their savings need to fund a retirement that could last 20 to 30 years or more and factor in rising health care costs, taxes and inflation.”

Ron Shuts, the other founder, adds, “Annexus sees a tremendous opportunity for the financial services industry, not only to educate clients, but to ensure that as fiduciaries we understand which products are best suited to address clients’ top concerns.”

The survey also found that of the Boomers who think it is important to work with an adviser, nearly 70% said they would purchase an annuity within their individual retirement account (IRA). They survey also found that among all Americans, not just Boomers, only 45% think it is important or extremely important to work with an adviser, but for those earning $100,000 or more a year, that jumps to 58%, and for those with $500,000 or more in retirement savings, that jumps to nearly 65%.

Seventy-five percent of Boomers believe it is important to have tax advantages in their investments, and nearly as many are concerned about the impact that inflation will have on their retirement.