New Research from Mintel – a leading marketing research agency, has revealed the impact of the Great Recession on retirement savings. About 20% of Baby Boomers have no retirement savings and 41% have less than $250,000 saved. Of those with savings above $250,000, about 52% are worried that they do not have enough. This lack of confidence has serious consequences – 15% of Baby Boomers do not plan on retiring at all.
While the Great Recession has contributed to this shortage, Mintel research also found an information problem in retirement planning. Only 28% of seniors believes they have an adequate understanding of retirement planning and only 10% actually have a written retirement plan.
Whatever your retirement concerns, do not continue to wait to form a plan. Meeting with an experienced advisor can help. Also, there are government benefits available for those who lack the adequate savings to pay for long term care. Whatever your situation, not having a retirement plan is a risky plan.