Every day, thousands of Baby Boomers enter their retirement years. They are, unfortunately, members of a generation who are largely unsure of their financial future. For the past seven years, Insured Retirement Institute (IRI) research has discovered that Baby Boomers’ confidence in their financial preparations for retirement is steadily dropping. In 2017, only 22% of Baby Boomers feel adequately financially prepared for retirement.
Baby Boomers have redefined life at every turn and counted among their lasting legacy will be how Americans prepare for their retirement years. Through the course of their working years, Baby Boomers faced new and unique challenges, including: changes in employee benefits, longer life spans, uncertainty with Social Security and Medicare, and rising health care costs. As a result of these obstacles, more and more Americans are shouldering the burdens of retirement themselves; even as preparing for and financing one’s retirement becomes increasingly difficult. This new paradigm is largely responsible for the confidence deficit observed among Baby Boomers.
The National Retirement Planning Coalition – comprised of prominent education, consumer advocacy, and financial services organizations – says this does not have to be the case. Rethinking your retirement by developing a holistic financial plan can restore confidence and build savings for those post-working years. To help spread its message, the Coalition has organized National Retirement Planning Week®, a national effort to help consumers #RethinkRetirement—the theme of this year’s week.
NAIFA is proud to support National Retirement Planning Week® 2017, April 3 to 7.
The National Retirement Planning Coalition, spearheaded by IRI, recognizes the need to educate Americans on retirement planning and is committed to making this a national priority. National Retirement Planning Week® and other Coalition activities demonstrate that it is possible to “Retire On Your Terms.”
To support these education efforts, the coalition has collected the latest resources to help consumers and financial professionals focus on long-term financial goals. These tools are available year-round at www.retireonyourterms.org.