The results are not surprising especially that 50% of those who are not retired somewhat or mostly agree that they don't know how much they need to save for retirement. The vast middle American population that continues to be left by the wayside when it comes to retirement planning.
Some of the other findings include:
- Among those leading-edge boomers who are not retired, 69% are concerned about outliving their financial resources, 80% are concerned about having adequate income during retirement and 15% of all leading-edge boomers say they don't have enough money to save or invest right now.
- 48% of boomers surveyed are unsure of the best choices for retirement savings and 41% somewhat or strongly disagree that they are confident that their retirement savings and investments are not sufficiently diversified.
- The study found that most leading-edge boomers (86%) don't own annuities; 70% of those without an annuity say they have not considered buying an annuity, mostly because they don't know enough about them (49%).
- Women boomers are more likely to see annuities as providing for them during retirement, while men - though they like the income that annuities provide - are more likely to see them more as a vehicle that will provide for their dependents.
