Male baby boomers are looking to employment for income during their retirement years, rather than planning ahead, according to survey by Insured Retirement Institute.
The survey also indicated that male boomers are less risk averse than females when it comes to choosing what to invest in. Of the male boomers surveyed, 22.2% said that the rate of return was the most important feature that they considered when looking at investments, while 15.3% said past performance gave them the greatest indicator of whether to invest or not.
According to the IRI survey, the most important factor when selecting retirement investments is the rate of return, with past investment performance coming in as second most important factor. The results also show that male baby boomers will continue to financially support their family members. More than 8% of male boomers are supporting their parents, and more than 28% are supporting adult children.
With the survey results, IRI released a Quick Facts sheet called “A Portrait of a Male Baby Boomer.” The quick facts showed a disconnect between baby boomers and their retirement plans. More than 20% of male baby boomers surveyed have postponed their retirement, 27% don’t know when they will retire, and 20% haven’t even saved for retirement at all.
According to Cathy Weatherford, the president and CEO of IRI, the survey and fact sheet were created to provide a jumping off point for conversations with baby boomers about planning their future financial security.
“The sooner we have these conversations, the more time they will have to prepare appropriately and make necessary adjustments,” she said.