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Money Trumps Age When Determining Start of Retirement for Middle-Income
Boomers, New Study Reveals
Chicago (June 28, 2011) - Three out of four (73 percent)
of our nation's middle-income Baby Boomers say that their financial situation, not
age, is now the key trigger for when to retire, according to a recent study conducted
by the Bankers Life and Casualty Company Center for a Secure Retirement (SM) (CSR).
The Middle-Income Boomers, Financial Security and the New Retirement study,
which focused on 500 middle-income Americans between ages 47 and 65 with income
between $25,000 and $75,000, found that one-third expect to retire after the traditional
retirement age of 65 and 31 percent are uncertain at what age they will be able
to retire.
A majority of middle-income Boomers feel that they are behind where they had expected
to be at this point in their lives in terms of saving for retirement and two in
three (67 percent) thought that they would be in a better financial position for
retirement than they are now.
The CSR's study reports more than half (52 percent) are not confident that they
have saved enough to live comfortably in retirement, 38 percent are only somewhat
confident and only one in ten (10 percent) are confident that they will have enough
money to live comfortably in retirement.
Although the adequacy of retirement income carries heightened importance for this
generation of retirees, the study found that more than half of middle-income Boomers
have saved less than $100,000 for retirement, 19 percent have saved less than $10,000
and 14 percent do not have a pension, 401(k), IRA or any other type of retirement
savings account.
The ups and downs of the economy have caused women to rethink their retirement age
more so than men and according to the study, they will rely more heavily on their
financial situation to decide when it is time to retire.
"On the new road to retirement, the majority of Americans can now retire only when
they feel they can afford to do so," said Scott Perry, president of Bankers Life
and Casualty Company, a national life and health insurer. "Now is the time to examine
your financial expectations for retirement and make adjustments that can help to
improve your financial security and, ultimately, the enjoyment of your retirement
years."
Methodology
The Bankers Life and Casualty Company Center for a Secure Retirement's study Middle-Income
Boomers, Financial Security and the New Retirement was conducted in March
2011 by the independent research firm The Blackstone Group. The complete report
can be viewed at www.CenterForASecureRetirement.com
About the Center for a Secure Retirement
The Bankers Life and Casualty Company Center for a Secure Retirement is the Company's
research and consumer education program. Its studies and consumer awareness campaigns
provides insight and practical advice for how everyday Americans can achieve financial
security during retirement.
Established in 1879 in Chicago, Bankers Life and Casualty Company focuses on the
insurance needs of the retirement market. The nationwide company, a subsidiary of
CNO Financial Group, Inc. (NYSE: CNO), offers a broad portfolio of life and health
insurance retirement products designed especially for seniors.
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