Four million baby boomers will turn 60 each year for the next 18 years. As the largest generation enters the retirement years, more Americans than ever before are concerned about their savings.
According to the 2011 Retirement Confidence Survey released in March by the Employee Benefit Research Institute (EBRI), 27% say that they are “not at all confident” they will have enough money for a comfortable retirement—the most ever.
Next week, a series of events hosted by the National Retirement Planning Coalition will present new research and tips for helping clients prepare. For retirement.
April 11: EBRI President and CEO Dallas Salisbury hosts a webinar on consumer retirement readiness, leveraging data from EBRI’s 2011 Retirement Confidence Survey.
April 12: Insured Retirement Institute President and CEO Cathy Weatherford moderates a media forum with industry leaders on evolving perceptions of risk management in the insured retirement market. New IRI research on Boomers and retirement will be released onsite as well.
April 13 : IRI hosts a practice management webinar for financial advisors.
April 14: The Coalition releases a client-approved tip-sheet for financial advisors on how consumers can formulate a plan for lifelong financial retirement health.
April 15: The Aspen Institute hosts a Washington, D.C.-based roundtable on retirement issues.
Setting goals for clients is a powerful tool for encouraging savings. More than half—59%--of workers who calculated a goal report that the experience led them to save or invest more.
A quarter of all workers who have calculated a savings goal estimate they need to accumulate at least $1 million, compared with 10% of those who have not.
“Workers who have done a retirement savings needs calculation tend to have a higher savings goal,” said Ken McDonnell, director of the American Savings Education Council. Half of those who name a goal of under $250,000 feel that they are behind schedule, compared to 27% of those who are aiming for $1 million or more.