How Is Your Financial Plan?

Maybe You Need a Financial Planner

The Insured Retirement Institute  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. For a happy and financially secure lifetime, make plans for you and your spouse to meet with a financial planner.’

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.

Listen for more on this topic when Mike Nakashima, the principle at Innovate Financial sits down with me to talk about financial planning on Beyond 50 Transformation. The air date is Saturday April, 13 2013 at 1pm on 950am, Minneapolis.  You’ll also be able to listen to the podcast here under the heading, Beyond 50 Transformation. 

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