IRI: To Boost Confidence, More Boomer Couples Should Work With An Advisor
February 13, 2013 by Catherine Weatherford
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 www.IRIonline.org
today to experience the vast resources of the Insured Retirement Institute for
yourself.
Contact:
Andrew Simonelli
asimonelli@irionline.org
