July 17, 2015
From the Desk of Robert Laura
Baby Boomers Retiring Blindfolded, Introverted, and Out-of-Sorts
An online survey of over 1,300 baby boomers reveals a startling discrepancy between the groups level of financial and personal preparedness for retirement.
Most troubling is the revelation that less than 25% of respondents have a written plan detailing their expectations for an ideal day and week in retirement. The survey also found that over 60% of baby boomers attend or participate in fewer than four social events outside the workplace per month, and nearly half feel their retirement plan is unbalanced between retirement's personal and financial factors. View graph of these results.
The news wasn't all bad, however, as 65% claim to follow some form of exercise routine or nutritional plan, and 60% acknowledge they have a hobby or passion that defines them outside of their work.
Robert Laura, founder of RetirementProject.org, says, "This is a wakeup call for baby boomers, employers, and the financial services industry. Too many people are unnecessarily walking into retirement blindfolded, out-of-sorts, and socially unprepared to adapt to the everyday rigors of retirement."
He adds, "We are ushering in a new era of retirement that demands advisors and employers help baby boomers plan for more than the dollars and cents of retirement. A comprehensive plan needs to include wellness initiatives to help them replace their work identity, stay connected to family, friends, and co-workers, keep them balanced mentally and physically. Baby boomers need to be trained to take the same discipline and habits they used to accumulate their retirement savings and apply them to the mental, social, and physical aspects of retirement. Otherwise they run the risk of discovering that running out of money pales in comparison to running out of family, friends, good health, and time."
The Retirement Perceptions Quiz also examined more traditional retirement factors, including Social Security, retirement savings, and insurance. Boomer respondent's score much higher in these categories and the results appear consistent with similar research, polls, and studies.
You can view an online graph of these results at: View graph.
About The Results These results are based on a reporting period of May 15 - July 15, 2015. The online quiz will continue to collect data on an ongoing basis. The results are segmented by age group with the most common range being 62-70 and the average age 55-61. Reliability and sampling errors were attempted to be controlled through an age-related offer which includes a retirement newsletter subscription as a benefit for taking the quiz and as an option to participate following retirement based articles.
About RetirementProject.org RetirementProject.org is a wellness-based educational initiative created to help make retirement planning more personal, fun, and interactive. Through its free resources, books, webinars, and retirement wellness programs for financial professionals and employers we strive to help people plan beyond the dollars and cents of retirement in order to secure a happy, healthy, and connected next phase of life
About Robert Laura Robert Laura is a Retirement Activist committed to changing the way people think about and prepare for all aspects of retirement. His nationally syndicated columns at Forbes.com and Financial Advisor magazine reflect his groundbreaking efforts to challenge to the status quo of traditional retirement planning. As a former social worker and certified personal trainer turned money manager and author, he has found that retirement is among the most fascinating, yet least understood, phases of life. Read more.