|
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.
####
Next Press Release
Previous Press Release
Return to list of Press Releases
|