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Baby Boomers and Finance - US - November 2015

Financial services institutions may be focusing a lot of attention on Millennials, but Boomers are still a very influential group. According to the US Bureau of Labor Statistics’ Consumer Expenditure Survey, Boomers earn an estimated $2.4 trillion each year. This report examines how the Boomers feel about retirement: how much they have saved for it; their plans for how to live it; and their major concerns about retirement life.

This report looks at the following areas:

  • Many haven't saved enough and they know it
  • Boomers are not loyal to their financial institution

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Table of contents

  1. Overview

    • What you need to know
      • Definition
      • Executive Summary

          • The issues
            • Many haven’t saved enough and they know it
              • Figure 1: Concerns about retirement life, by amount of retirement savings, August 2015
            • Boomers are not loyal to their financial institution
              • Figure 2: Purchased multiple products from primary financial institution, by generation, January 2015
            • The opportunities
              • Boomers can help advisers grow their business
                • Figure 3: Use of financial advisers, by amount of retirement savings, August 2015
              • Boomers trust credit unions more than banks
                • Figure 4: Boomers’ level of trust in financial services institutions, January 2015
              • Most Boomers don’t have enough life insurance
                • Figure 5: Life insurance needs, by age, August 2015
              • What it means
              • The Market – What You Need to Know

                • Boomers are still relevant
                  • Boomers are not very diverse
                    • Low interest rates have hurt
                      • Longer life expectancies
                      • Market Size

                        • Boomers are still one-quarter of US population
                          • Figure 6: US population, by generation, 2010-20
                      • Market Breakdown

                        • The racial diversity of Boomers
                          • Figure 7: Distribution of generations by race and Hispanic origin, 2015
                        • More female Boomers than male
                          • Figure 8: US population, generations by gender, 2015
                      • Market Factors

                        • Impact of low interest rate environment
                          • Boomers’ investments in equities
                            • Life expectancies are increasing
                              • Figure 9: Life expectancy in US, 1980-2012
                          • Key Players – What You Need to Know

                            • Aging in place – A new trend
                              • Boomers are starting businesses
                                • Single Baby Boomers are struggling
                                  • Workplace flexibility helps Boomers continue to work
                                  • What’s In?

                                    • Boomers want to age in place
                                      • Figure 10: Plans to move in retirement, by generation, August 2015
                                    • Boomers are well-positioned to start businesses
                                    • What’s Struggling?

                                      • The effect of Social Security payments on Boomers
                                        • Figure 11: Finances in retirement, by gender and age and Hispanic origin, August 2015
                                      • More single Baby Boomers
                                        • Figure 12: Retirement savings, by marital status, August 2015
                                      • Many Boomers are not taking steps to improve their retirement prospects
                                        • Figure 13: Attitudes toward retirement, by generation, August 2015
                                      • Lack of planning leads to miscalculations
                                        • Figure 14: Baby boomers’ steps taken toward retirement planning, January 2015
                                    • What’s Next?

                                      • Flexible work schedules are helping Boomers continue working
                                        • Figure 15: Desire to work after retirement, by age, gender and household income, August 2015
                                      • Growth of the sharing economy
                                        • Boomers are selling – And starting – Small businesses
                                          • Boomers’ effect on the housing market
                                            • Figure 16: Importance of owning a home, by generation, May 2015
                                        • The Consumer – What You Need to Know

                                          • Most Boomers have never retired
                                            • Most haven’t waited for full Social Security benefits
                                              • Money and health – Two main concerns
                                                • Most do have retirement savings
                                                  • Advisers can help Boomers realize plans
                                                    • Boomers aren’t comfortable with their saving, but are not getting help
                                                    • Retirement Status

                                                      • Most Boomers have never retired
                                                        • Figure 17: Retirement status, by gender, August 2015
                                                      • The role of age and income in decision to retire
                                                        • Figure 18: Retirement status, by age and household income, August 2015
                                                      • The impact of education on retirement
                                                        • Figure 19: Retirement status, by level of education, August 2015
                                                      • Health considerations are a major reason for young Boomer retirement
                                                        • Figure 20: Reasons for retiring, by gender and age, August 2015
                                                    • At What Age Do Boomers Retire?

                                                      • Maximum Social Security benefits not a driving retirement force
                                                        • Figure 21: Age at retirement, by gender and age, August 2015
                                                      • Most won’t retire until after age 65
                                                        • Figure 22: AARP online retirement planning ad, 2015
                                                      • Impact of marital status
                                                        • Figure 23: Age plan to retire, by marital status, August 2015
                                                      • The role of income in determining retirement age
                                                        • Figure 24: Age plan to retire, by household income, August 2015
                                                    • Concerns about Retirement Life

                                                      • Most are worried about money
                                                        • Figure 25: Concerns about retirement life, by age, August 2015
                                                      • Priorities change with savings
                                                        • Figure 26: Concerns about retirement, by retirement savings, August 2015
                                                    • Type of Retirement Account(s) Owned

                                                      • Most Boomers have a retirement account
                                                        • Figure 27: Type of retirement account(s) owned, by generation, August 2015
                                                      • Women are less likely to have corporate-sponsored plans
                                                        • Figure 28: Type of retirement account, by gender, August 2015
                                                      • Minority Boomers have fewer retirement accounts
                                                        • Figure 29: Type of retirement account, by race, Hispanic origin, August 2015
                                                    • Amount of Retirement Savings

                                                      • Many late Boomers may be in trouble
                                                        • Figure 30: Amount in retirement savings, by generation, August 2015
                                                      • Women Boomers lag men
                                                        • Figure 31: Amount in retirement savings, by gender and age, and generation, August 2015
                                                      • Single Boomers are in trouble
                                                        • Figure 32: Amount in retirement savings, by marital status, August 2015
                                                        • Figure 33: Wells Fargo Retirement Resources email, 2015
                                                    • Plans for Retirement

                                                      • Most looking forward to traveling
                                                        • Figure 34: Plans for retirement, by generation, August 2015
                                                      • Family is important to Hispanics
                                                        • Figure 35: Plans for retirement, by Hispanic origin, August 2015
                                                      • Many want to stay active
                                                        • Figure 36: Plans for retirement, by generation, household income, August 2015
                                                    • Managing Money

                                                      • Most don’t know enough
                                                        • Figure 37: Money management activities, by gender and age, August 2015
                                                      • Whites and married couples are in better shape
                                                        • Figure 38: Money management activities, by race and marital status, August 2015
                                                      • Advisers not used by many
                                                        • Figure 39: Money management activities, by amount of retirement savings, August 2015
                                                        • Figure 40: AARP direct mail and online ads, 2015
                                                      • Source of retirement income
                                                        • Figure 41: Source of retirement income, by gender, generation, August 2015
                                                    • Factors Affecting Retirement Income

                                                      • What Boomers are counting on for income
                                                        • Figure 42: Factors affecting retirement income, by gender, generations, August 2015
                                                      • Race and income have an effect
                                                        • Figure 43: Factors affecting retirement income, Hispanic origin, household income, August 2015
                                                    • Attitudes toward Retirement

                                                      • Lack of excitement about retirement due to lack of comfort about money
                                                        • Figure 44: Attitudes toward retirement, by gender, generation, August 2015
                                                      • Life in retirement
                                                        • Figure 45: Retirement assumptions, by gender, generations, August 2015
                                                      • Race and income affect retirement life
                                                        • Figure 46: Retirement assumptions, by race, household income, August 2015
                                                      • Retirement readiness
                                                        • Figure 47: Retirement readiness, by gender, generation, August 2015
                                                    • Appendix – Data Sources and Abbreviations

                                                      • Data sources
                                                        • Consumer survey data
                                                          • Direct marketing creative
                                                            • Abbreviations and terms
                                                              • Abbreviations
                                                                • Terms

                                                                Companies Covered

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                                                                Baby Boomers and Finance - US - November 2015

                                                                US $3,995.00 (Excl.Tax)