Many Near Retirement Still Clueless on Finances

Of the so-called “Leading-Edge Boomers” ages 50 to 59, half of those still working admitted they do not know how much to save – even at this late date, according to a new survey sponsored by The Guardian Life Insurance Company, the company said in a news release.

Not only that, but 60% of all leading-edge boomers assert that they have good intentions to be good retirement savers, but this does not always translate into good actions, according to the release about the study “Leading-Edge Boomers: Rethinking Retirement & Exploring Annuities.”

“Leading-edge boomers are facing a multitude of new realities,” Bruce Long, President, Guardian Life & Annuity Company, said in the release. “Not only are they living and working longer, but they are also juggling the care of parents and children. Leading Edge Boomers are finding it difficult to focus on their finances to figure out how much money they’ll need for retirement.”

One thing was clear about the leading-edge boomers: they certainly fretted about their retirement finances. Seven in 10 among those still working were concerned about outliving their financial resources while eight in 10 are concerned about having adequate income during retirement. However, 15% said they do not have enough money to save or invest right now.

Many leading-edge boomers are at a loss for how to grow their nest egg, Guardian said. The survey found that 48% of boomers are unsure of the best choices for retirement savings and 41% somewhat or strongly disagree that they are confident that their retirement savings and investments are sufficiently diversified.

The survey was conducted among a total of 1,019 US baby boomers between the ages of 50 and 59. The study was conducted by Harris Interactive on behalf of Guardian, and was administered online from September 19 to September 28, 2005.