Wednesday, February 20, 2008

Boomer Statistics

Sometimes it's interesting to read some of the statistics that are out there regarding the Baby Boomers, of which I am one. Experts say boomers are redefining life as well as retirement. We do things our way. But is that good?

Here are some of the numbers.
  • According to the Dept of Labor, the average baby boomer has less than $50,000 saved for retirement.
  • Age 70 to 75 may become the new age for retirement
  • From Boomer Market Advisor, a lifestyle survey in 2007 showed the following:
    • 24% prefer to be contacted by email, 34% by cell phone, which is also their preferred communication outside of work
    • 47% indicated they had any financial discipline
    • 53% were concerned about changes to Social Security
    • 55% were concerned about changes to Medicare
    • 40% were concerned about effects of inflation
    • 68% have a certain degree of denial and believe they will be able to lead a comfortable lifestyle in retirement
    • 51% feel spending time with their family will be their most important activity in retirement, with 12% indicating travel as most important
    • 50% of boomers have a will
    • 37% of boomers have a living will and healthcare directives
    • 16% have a formal written financial plan
I hate to say it, but it looks like some of us have our heads in the sand.

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