Even as they rapidly approach retirement age, many Boomers are not planning at all for retirement. Yet, a majority still feel confident they’ll have enough money to live comfortably. As highlighted during the Summit by Jack VanDerhei, Ph.D., CEBS, based on the EBRI 17th annual Retirement Confidence Survey:
- More than half of Baby Boomers surveyed spent no time at all on retirement planning during the past year
- Less than half have even tried to determine how much they’ll actually need in retirement
- Nearly two-thirds believe that number is $500,000 or less
- More than one third have not given any consideration to the number of years they’ll actually spend in retirement
VanDerhei also presented projection model results showing that annuities and automatic enrollment provisions for 401(k) plans can have a positive impact on the retirement savings of Baby Boomers and other employees.
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Boomertirement Session: The Looming Baby Boomer Retirement Crisis — An Overview |
Boomertirement Slides Handout
EBRI Retirement Confidence Survey Issue Brief
EBRI Web site
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