Baby Boomers Not Financially Prepared for Retirement
Based on recent consumer research from the Natural Marketing Institute, Baby Boomers will face a number of dilemmas related to their financial future and retirement. (First in a series of three releases related to the Baby Boomer consumer.)
Harleysville, PA (PRWEB) March 6, 2006
Despite expecting to retire at age 65, the majority of Baby Boomers (those born from 1946 to 1964) indicate they do not have a sound plan for retirement and are not on target with their financial retirement plan. Fifteen percent admit to not having any investments and 45% feel that Social Security will be a major source of retirement income. Adding to their financial challenges is that Boomers expect to live to age 82 and want to live to age 90.
Adding to their retirement dilemma, Boomers indicate that they will need to be reliant on government programs such as Social Security and Medicare, but three quarters feel little or no control over these programs -- and only 7% are satisfied with them. The importance of these programs to consumers has grown 33% from 20 years ago.
Most concerning is the median net worth of Boomers is only $78,000, not exactly enough to provide long term security. And with two-thirds feeling financial decisions are getting too complex, how can American Boomers really plan for their golden years?
In addition, a majority of Boomers (70%) would like to get a part time job they really enjoy after they retire, perhaps both a function of necessity and pleasure.
These are just a few of the findings from The Natural Marketing Institute’s (NMI) recent research survey, entitled The Healthy Aging/Boomer Database™. Conducted in January 2006 among 1,502 Boomers aged 41-60, the data is nationally representative, balanced to the U. S. Census data, and has a margin of error of +/- 2.6%.
According to NMI Managing Partner Steve French, “The research was created to allow us to look into one of the most influential segments of our society, both economically and ideologically. The research is used to identify drivers of shifting Boomer paradigms, determine unmet Boomer needs, explore underlying Boomer attitudes, and identify marketplace opportunities.”
For more information on NMI’s Healthy Aging/Boomer Database™, visit NMI’s website at http://www. nmisolutions. com/healthy_aging. html (http://www. nmisolutions. com/healthy_aging. html) or contact us at 215-513-7300.
NMI is a strategic consulting, market research, and business development company specializing in the health, wellness, and sustainable marketplace. For more information on NMI’s other proprietary research reports and services, visit NMI’s web site at www. NMIsolutions. com.
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