Baby boomers commit the ‘7 deadly sins’ of retirement planning (via BrettArends)
They were born just after World War II, between 1946 and 1964, and raised during the biggest, most sustained economic boom in human history.
“Boomer Expectations for Retirement,” a new annual study from the Insured Retirement Institute — a trade body for the annuity industry — makes shocking reading. Most boomers are unprepared for retirement, even as they approach it or enter it. Amazingly, barely one in 10 has enough saved up. OK, OK. Financial surveys about retirement planning are generally produced by organizations in the financial services industry, and naturally they have a point of view. The IRI represents annuity providers. And, yes, the survey results suggest that, all in all, more people really should buy annuities when they retire. Make of that what you will. But the study is useful all the same.
3. Not calculating a retirement savings goal. It’s a lot harder to save enough for retirement if you haven’t first at least tried to work out how much that’s supposed to be. Astonishingly, just 25% of boomers who do not have a financial adviser have tried to run the numbers. And even 25% of those who do have a financial adviser still haven’t set a target. Um… what?
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