Younger Boomers Worry Significantly about Retirement

A survey of Americans ages 44-75 by Allianz Life Insurance Company of North America found a majority (54%) of the younger group (44-49 year olds) reported feeling “totally unprepared” for retirement. They also expressed a greater need than their older counterparts to take more control of their financial future (47% versus 35%), attain more certainty and financial security (41% versus 30%), and reduce their financial vulnerability (26% versus 22%). According to a press release, 84% of younger boomers agreed that the safety of their money mattered more to them now than it had a few years ago.  

Younger boomers are also more likely to be receptive to working with a financial professional. Though only 19% of this group reported working with a financial planner, 47% are more open to the idea of working with one in the future versus 29% of all respondents. Ninety-five percent of younger boomers said it is “important” or “extremely important” that their financial professional help protect a portion of their nest egg. A similar number (87%) want their financial professional to help them make sure they have adequate guaranteed income in retirement, with 51% saying they want help planning for a “stable and secure retirement.”