New Managers
July 2017
MARKETING CHALLENGE: Diane Harrison: Boom or Bust? Are advisors ready for baby boomers to retire?
According to US census figures, Baby Boomers (defined as those born between 1946 and 1964) represent about 28% of the US population in 2017, and are currently between 53 and 71 years old. Give or take an error margin of several thousand, this translates to about 76 million people. This significant segment of the population includes both investors and advisors, raising an intriguing question: Just how prepared are we, investors and advisors, for retirement? First, what are we all thinking? Insured Retirement Institute's annual survey report, Boomers Expectations for Retirement 2017, reveals some interesting findings. First published in 2011, the year the leading edge of the boomer generation began to turn 65; the risks identified in the first report remain the same today: Boomers are under-saved, under-planned, have unrealistic expectations, and have an inadequate understanding of the risks they will face in retirement. The full report goes into much detail about the attitudes and expectations of boomers. Some of the positive findings in 2017 include:
Some of the challenges also revealed:
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