WASHINGTON–The financial condition of Baby Boomers isn’t so booming.
A new study by the Insured Retirement Institute called "Boomer Expectations for Retirement," found broad discontent among all Americans and especially Boomers about their financial circumstances.
In the 6th annual study, the Insured Retirement Institute said financial concerns among America’s 76-plus million Boomers are significant and rising, especially related to healthcare expenses in retirement to their ability to provide for surviving family members after their death.
In the newest survey, just 43% of Boomers say they’re happy with their lives from an economic vantage point, down from 65% in 2014 and 77% in 2013.
A key reason for decline: fewer Boomers are confident in their future and in their ability to manage their finances. These drivers of economic satisfaction, the report notes, have “fallen almost continuously” since IRI’s inaugural report on Boomer retirement expectations in 2011.
The study found a growing number of Boomers are planning to retire later. More than one in four boomers (26%) intend to leave the workforce at age 70 or later, up from 17% in 2011. A larger group (33%) plans to retire between the ages of 65 and 69, up from the 26% the IRI study found in 2011 and 2012.