UpFront | Published in May 2017

Boomers Retirement Outlook

By Lee Barney | May 2017

Thirty-eight percent of middle-income Baby Boomers—those with a household income between $30,000 and $100,000 and less than $1 million in investable assets—expect Social Security to be their primary source of income in retirement. This is an increase from 30% before the financial crisis of 2008, according to “10 Years After the Crisis: Middle-Income Boomers Rebounding but Not Recovered,” a study by the Bankers Life Center for a Secure Retirement.
A scant 2% of middle-income Baby Boomers think the economy has fully recovered, and 65% say they have felt no personal benefit from a bounce back. Sixty-eight percent worry they will be hit with yet another financial crisis in their lifetime.
Prior to 2008, 45% expected to retire debt-free, and today, only 34% expect to do so. Nonetheless, 92% of Boomers still plan to retire, though 48% plan to work either full-time or part-time in retirement—up from 35% before the crisis.
“Social Security was designed to be a safety net, not a primary replacement for savings or income,” says Scott Goldberg, president of Bankers Life. “Those who are in or near retirement should consider the various ways they can create future income to help achieve a secure retirement. There are products readily available in the marketplace that can help."

The internet-based survey was conducted among 1,000 middle-income Baby Boomers, between the ages of 52 and 70.