IRI: Economy Clouds Boomer Retirement Expectations

About 39% of the participants said they expect to retire while in their 60s, and 17% anticipate working into their 70s and beyond. Just 5% said they expect to retire while in their 50s.

Among those who are uncertain about their retirement age, the most common reasons cited were expecting to work part-time (19%), not having saved enough (11%), and not being sure about having enough money on which to retire (15%).

About 11% said they enjoy working, and 8% said they have no plans to retire.

Other survey findings:

• 61% of the survey participants indentified an age at which they plan to stop work completely, but about a quarter of them chose an age that will not make them eligible for full Social Security benefits.
• 41% of boomers view Social Security as a major source of retirement income, and 43% view the program as a minor source of retirement income.
• Only one-third of boomers expect personal savings and investments to play a major role in generating retirement income.

Other retirement education coverage from National Underwriter Life & Health:

• Carriers Promote National Retirement Planning Week
• IRI Promotes Retirement Planning Pyramid
• IRI To Cosponsor Retirement Event
• IRI To Back Consumer Ed Campaign
• Industry Gears Up For Retirement Promotional Efforts