The aging "me-generation" may not be matching their financial plans totheir vision of an active, generous retirement, according to a nationwide survey commissioned by Bell Investment Advisors, a wealth management firm in California.
The survey, conducted among 500 60-year-old high-net-worth investors across the US by Opinion Research Corporation, found that these Boomers feel "great about their lives overall." Four in 10 believe that age 60 today is more like being 50 a generation ago. Perhaps, as a result of this sense of well-being, some 48 percent of those surveyed said they plan to work as long as they are able, either in a full-time or part-time capacity, and 94 percent plan to help their children financially.
"We found that affluent Boomers have a false sense of complacency once they hit the million-dollar mark in retirement savings," says Jim Bell, president and founder of Bell Investment Advisors. "With so many people living well past 80 or 90 years of age, $1 million is just not enough to take them comfortably through their golden years." While a majority of the respondents believe they have enough to retire on comfortably, 39 percent of respondents have less than $1 million saved for retirement. Only one in five believes they need to increase their retirement savings.
The survey also found that many Baby Boomers are planning to work as long as possible in their current career to add to their retirement savings. "The problem with this strategy is that although they may live longer, they may not be able to work as long as they hope, if health issues arise," says Bell. "Boomers need to acknowledge that health care will likely cost more than they currently think," he adds.
To view a summary of the survey results, go to www.bellinvest.com
The aging "me-generation" may not be matching their financial plans totheir vision of an active, generous retirement, according to a nationwide survey commissioned by Bell Investment Advisors, a wealth management firm in California.
"We found that affluent Boomers have a false sense of complacency once they hit the million-dollar mark in retirement savings," says Jim Bell, president and founder of Bell Investment Advisors. "With so many people living well past 80 or 90 years of age, $1 million is just not enough to take them comfortably through their golden years." While a majority of the respondents believe they have enough to retire on comfortably, 39 percent of respondents have less than $1 million saved for retirement. Only one in five believes they need to increase their retirement savings.
The survey also found that many Baby Boomers are planning to work as long as possible in their current career to add to their retirement savings. "The problem with this strategy is that although they may live longer, they may not be able to work as long as they hope, if health issues arise," says Bell. "Boomers need to acknowledge that health care will likely cost more than they currently think," he adds.
To view a summary of the survey results, go to www.bellinvest.com