IRI: To Boost Confidence, More Boomer Couples Should Work With An AdvisorNews added by Catherine Weatherford on February 12, 2013
Cathy Weatherford

Catherine Weatherford

Washington, DC

Joined: January 07, 2011

Washington, D.C. - The Insured Retirement Institute (IRI) today released a new factsheet highlighting research findings that provide a profile of the retirement planning and savings behaviors of Baby Boomer couples compared to their single cohorts. While married Boomers appear to be more likely to save, exhibit better planning habits, and have a more positive disposition regarding their financial security in retirement, IRI found significant room for improvement as less than 40 percent of Boomer couples are confident in attaining financial security in retirement.

"Considering that just over half of all Boomer couples have not met with a financial advisor, significant opportunities remain to meet the needs of this key demographic," IRI President and CEO Cathy Weatherford said. "Previous IRI research has found that those who consult a financial advisor are more confident in having a financially secure retirement. So an important component to boosting retirement confidence among this group is to encourage them to sit with an advisor and map out a holistic plan for a secure retirement. The message needs to be, 'for a happy Valentine's Day, make plans with your spouse to have a nice dinner together, but for a happy and financially secure lifetime, make plans for you and your spouse to meet with a financial planner.' Personally, my husband and I just finished our annual financial planning with our advisor. I know our Valentine's Day will be a little sweeter this year-knowing we are on a good path, financially, toward spending our retirement years together."

About 82 percent of married Baby Boomers reported having some level of retirement savings, and 47 percent expect an employer-provided plan to be a major source of retirement income. Regarding their savings habits, two-thirds of Baby Boomer couples continued to contribute to their retirement accounts during the past year, and only about 14 percent prematurely withdrew assets from those accounts. Estate planning will be a key consideration for this market with two-thirds expressing the importance of leaving an inheritance.

The complete fact sheet is available here.

About the Insured Retirement Institute:

The Insured Retirement Institute (IRI) is a not-for-profit organization that for twenty years has been a mainstay of service, commitment and collaboration within the insured retirement industry. Today, IRI is considered to be the authoritative source of all things pertaining to annuities, insured retirement strategies and retirement planning. IRI proudly leads a national consumer education coalition of nearly twenty organizations and is the only association that represents the entire supply chain of insured retirement strategies: Our members are the major insurers, asset managers, broker-dealers/distributors, and 150,000 financial professionals. IRI exists to vigorously promote consumer confidence in the value and viability of insured retirement strategies, bringing together the interests of the industry, financial advisors and consumers under one umbrella.

IRI's mission is to: encourage industry adherence to highest ethical principles; promote better understanding of the insured retirement value proposition; develop and promote best practice standards to improve value delivery; and advocate before public policy makers on critical issues affecting insured retirement strategies and the consumers that rely on their guarantees. Visit today to experience the vast resources of the Insured Retirement Institute for yourself.


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