Boomers’ Confidence in Secure Retirement Sinks to Five-Year Low

Baby Boomers' Confidence at Low with Retirement Savings

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Boomer confidence isn’t… well, booming. The Insured Retirement Institute (IRI) released a research in mid-April report that found baby boomers’ confidence in having sufficient retirement savings to last throughout retirement has dropped to a five-year low.

Declining each year since 2011, the first year this study was conducted, the report found only 27 percent of Boomers are highly confident their savings will last. Despite the drop in confidence, 44 percent of boomers expect their financial situation to improve during the next five years, up from 32 percent in 2012.

“These numbers suggest that uncertainty is creeping in, and more baby boomers are doubting their ability to make their savings last,” IRI President and CEO Cathy Weatherford said in a statement. “Many boomers have witnessed their last payday or are quickly approaching the day their final paycheck arrives. Even with financial outlooks improving, there appears to be some second guessing when it comes to their retirement security and making ends meet. Unfortunately, the reality is few boomers can be absolutely certain their savings can last 20 to 30 years in retirement.”

Other key findings from the report:

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