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June 27, 2024 at 12:23 PM
At first glance, a majority of baby boomers appear content with their financial situation in retirement, according to a recent survey from IRALOGIX, a retirement industry fintech provider.
Probe a little deeper, however, and their contentment is counterbalanced by having to adapt to fixed incomes, heavy reliance on Social Security, coping with rising living costs, feeling socially disconnected, managing health care expenses and other challenges.
“Retired boomers have a unique perspective on financial security compared to other generations,” Peter de Silva, chief executive of IRALOGIX, said in a statement. “They rely strongly on early and proactive retirement saving, and the importance of stable, dependable income sources like Social Security and traditional monthly pensions.”
In contrast to younger age groups, financial security for boomers is about both accumulating wealth and managing unexpected costs to ensure long-term stability, de Silva said.
Forty-five percent of retirees surveyed advised younger generations to establish a retirement savings plan as soon as possible and diligently adhere to it. Others advised paying off as much debt as possible before retirement, and setting specific retirement goals and factoring them into a savings plan.
“This approach reflects their resilience and adaptability, offering valuable insights into prudent financial planning and the importance of preparing for life’s uncertainties, providing invaluable lessons for future retirees,” de Silva said.
The survey was conducted online in May among a national sample of retirees ages 60 to 69 with household incomes that ranged from $0 to $200,000 or more. Fifty-three percent of respondents were female and 47% male.
See the accompanying gallery for 12 insights into the retirement experiences and financial preparedness of boomers who left the workforce in the past few years.
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