THE GREAT DIVIDE FINANCIAL COMPARISON OF EARLY AND LATE BOOMERS RETIREMENT PREPAREDNESS

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1 THE GREAT DIVIDE FINANCIAL COMPARISON OF EARLY AND LATE BOOMERS RETIREMENT PREPAREDNESS

2 ABOUT IRI ABOUT THE INSURED RETIREMENT INSTITUTE: The Insured Retirement Institute (IRI) is a not-forprofit organization that for more than twenty years has been a mainstay of service, commitment and collaboration within the insured retirement industry. Today, IRI is considered to be the authoritative source of all things pertaining to annuities, insured retirement strategies and retirement planning. IRI proudly leads a national consumer education coalition of nearly twenty organizations and is the only association that represents the entire supply chain of insured retirement strategies: Our members are the major insurers, asset managers, broker-dealers/distributors, and 150,000 financial professionals. IRI exists to vigorously promote consumer confidence in the value and viability of insured retirement strategies, bringing together the interests of the industry, financial advisors and consumers under one umbrella. IRI s mission is to: encourage industry adherence to highest ethical principles; promote better understanding of the insured retirement value proposition; develop and promote best practice standards to improve value delivery; and advocate before public policymakers on critical issues affecting insured retirement strategies and the consumers that rely on their guarantees. Visit today to experience the vast resources of the Insured Retirement Institute for yourself IRI. All rights reserved. No part of this book may be reprinted or reproduced in any form or used for any purpose other than educational without the express written consent of IRI. 2

3 OVERVIEW OVERVIEW THE BABY BOOMERS are a large generation, 79 million individuals, with an 18-year age spread that began when soldiers returned from World War II in Some consider it two generations in one. MetLife in their report, Boomer Bookends: Insights into the Oldest and Youngest Boomers, noted early Boomers grew-up in a time of growing economic prosperity living in traditional family homes with a stay-at-home mother. Late Boomers by contrast grew up in more uncertain economic times and changing social values with more women entering the workforce and rising divorce rates. The work experience for the two cohorts was very different. IRI noted in Boomer Expectations for Retirement, 2013 that early Boomers spent their working careers in a different workplace environment than late Boomers. The first Boomers were born in 1946, with most eligible to enter the work force in 1964, the year they turned 18. By comparison, the last Boomers were born in 1964, with most eligible to enter the work force in 1982, the year they turned 18. Early Boomers spent many of their working years when defined benefit plans were the main retirement savings plan while for late Boomers defined contribution plans were the main retirement savings plan. As a point of reference, 401(k) plans were established under the Revenue Act of marked the first year in which more private-sector workers participated in a defined contribution plan than a defined benefit plan, a trend that continues today. Given that early Boomers amassed a large number of working years during more stable and prosperous economic times, they are on track for a more secure retirement. According to recent research from the Pew Charitable Trust, early Boomers may be the last cohort on track to retire with enough savings and assets to maintain their financial security throughout their golden years. This report will expand on IRI s research report, Boomer Expectations for Retirement, 2013 (April 2013) with a more detailed look at the current financial situation of the early and late Boomers. In this report, early Boomers are defined as Boomers ages (born ) and late Boomers as ages (born ). This report will compare the retirement plans and expectations of the two Boomer cohorts. This report will show there are some significant points of difference between the two Boomer cohorts, highlighting financial challenges late Boomers must manage which their older siblings did not encounter, and will recommended actions late Boomers can take to increase their level of confidence in achieving their retirement financial goals. 3

4 KEY OBSERVATIONS IRI research shows, more late Boomers are facing current financial challenges. For example, nearly one-third of late Boomers (31%) are having difficulty paying the mortgage/rent compared with only one-fifth (20%) of early Boomers. IRI has found one-third of late Boomers (34%) are financially supporting an adult child compared with only one-fifth of early Boomers (21%). KEY OBSERVATIONS According to data from IRI, early Boomers are considerably more confident in their retirement prospects than late Boomers. For example, 42% of early Boomers believe they will have enough money to live comfortably throughout retirement compared with 25% of late Boomers. Late Boomers can achieve greater confidence in their retirement plans through working with an advisor. IRI has found the difference in confidence levels between Boomers who work with an advisor compared with those who do not is as much as 13 percentage points. Early Boomers greater confidence in their retirement plans could be attributed to the following: According to one study, early Boomers had acquired enough savings and wealth, even after the recession, to replace 70% to 80% of their pre-retirement income while late Boomers will replace about 60% of their preretirement income. IRI research found that 48% of early Boomers are retired, making retirement an actual experience. Early Boomers are in their early to mid-60s at the beginning of retirement when most retirees are active. IRI found 80% of early Boomers report their health is good to excellent. Despite these challenges, more late Boomers (41%) believe their financial situation in the next five years will improve than early Boomers (25%). IRI research has found low amounts saved for retirement among the two Boomer cohorts with nearly one-half (47%) of late Boomers and onethird of early Boomers (32%) having less than $100,000 saved for retirement. For late Boomers, IRI research shows, a lack of sufficient savings is the main reason for being uncertain about which age to retire, cited by 27% of late Boomers who did not know at what age they would retire. In contrast, among early Boomers, who have not retired and were uncertain at which age they would retire, were more likely to state they enjoyed working and loved their job, cited by 20% of early Boomers. Reflecting their different work experiences, more late Boomers (43%) identified a defined contribution plan as a major source of income in retirement than early Boomers (36%). IRI research shows, a guaranteed source of income in retirement is highly valued by both Boomer cohorts with nearly one-fifth of late Boomers (17%) and one-quarter of early Boomers (24%) identifying guaranteed income each month as the most important trait in a retirement investment product. 4

5 DEMOGRAPHIC PROFILE DEMOGRAPHIC PROFILE The demographic profile of the two Boomer cohorts is very similar with a few exceptions. A larger percentage of late Boomers reported they were never married (12%) compared with early Boomers (3%). More late Boomers are college graduates (40%) than early Boomers (33%). Of more significance for this report, more late Boomers reported they are still in the labor force either working or looking for work (80%) compared with early Boomers (43%). This is significant when comparing the two cohorts retirement plans and expectations. MARITAL STATUS Married/Living with Partner Never Married Separated/Divorced/ Widowed EDUCATION High School Graduate or Less Post-High School No College College Degree Graduate or Professional Degree HEALTH Excellent Very Good Good Fair Poor HOUSEHOLD INCOME Less than $30,000 $30,000 to $74,999 $75,000 and higher EMPLOYMENT Employed Unemployed Looking for Work Retired Not in the Labor Force AGE % 12% 26% 29% 18% 40% 13% 22% 36% 23% 10% 8% 25% 31% 44% 74% 6% 6% 14% AGE % 3% 23% 28% 25% 33% 15% 24% 31% 25% 15% 6% 23% 39% 38% 41% 2% 48% 8% 5

6 FINANCIAL EXPECTATIONS FINANCIAL EXPECTATIONS CURRENT FINANCIAL SITUATION Overall both Boomer cohorts are satisfied with their current life situation, 75% of late Boomers and 81% of early Boomers are satisfied with the way things are going in their lives. Yet more late Boomers report they are facing some serious financial challenges. IRI found more late Boomers are having difficulty making their rent/ mortgage payments, 31% compared with 20% of early Boomers, and more late Boomers report having to support an adult child (34%) than early Boomers (21%). Financial difficulties such as these can have serious negative consequences on retirement plans. For example, according to Ameriprise Financial in their report, Retirement Derailers TM Survey, supporting grown children or grandchildren is one of the more common challenges when saving for retirement, reported by 23% of surveyed respondents. LIFE CHALLENGES, % 30% 25% 20% 15% 10% 5% 0% DIFFICULTY WITH MORTGAGE/RENT 5 5 SUPPORT FOR PARENTS SUPPORT FOR ADULT CHILDREN

7 FINANCIAL EXPECTATIONS EXPECTATION OF PERSONAL FINANCIAL SITUATION IN FIVE YEARS, GREATLY IMPROVED SOMEWHAT IMPROVED STAY THE SAME SOMEWHAT WORSE SIGNIFICANTLY WORSE 7 0% 10% 20% 30% 40% 50% Despite these financial challenges more late Boomers (41%) expect their financial situation to improve over the next five years than early Boomers (25%). Part of the explanation of this greater optimism among late Boomers could be more late Boomers are working with at least 12 more years until full Social Security eligibility for the oldest in this cohort, the 55 year olds. More working years provides more opportunity to improve upon current financial challenges. This is supported by signs that the labor market is improving. Data from the Bureau of Labor Statistics (BLS) show slow yet steady improvement in the labor market with May 2013 marking the 39th consecutive month in which the economy added new jobs. In addition, according to the BLS, the unemployment rate for workers age was 5.9% in May 2013 down from 7.2% in In addition, there are signs that on the aggregate, the personal financial situation for Americans is improving. Data from the Federal Reserve Board shows that at the end of the fourth quarter 2012 household net worth surpassed pre-recession levels, and 401(k) account balances reached another record high at the end of the first quarter 2013, according to Fidelity Investments. 7

8 FINANCIAL EXPECTATIONS FINANCIAL SECURITY IN RETIREMENT While more late Boomers are optimistic about their financial situation in five years, they are less optimistic about their financial security in retirement than the early Boomers. According to IRI data, only 39% of late Boomers believe their financial situation in retirement will be more comfortable than their parents compared with 52% of early Boomers. Also, 39% of late Boomers believe their financial situation in retirement will be worse than their parents compared with 21% of early Boomers. This lack of optimism among late Boomers over their prospects in retirement is reflected in measurements of levels of confidence in meeting the various financial challenges of retirement. For example, only 26% of late Boomers believe they did or are doing a good job of preparing financially for retirement compared with 45% of early Boomers. CONFIDENCE IN RETIREMENT EXPECTATIONS, 2013 YOU (ARE DOING/DID) A GOOD JOB OF PREPARING FINANCIALLY FOR YOUR RETIREMENT 26% 45% YOU WILL HAVE ENOUGH MONEY TO TAKE CARE OF YOUR MEDICAL EXPENSES DURING YOUR RETIREMENT, SUCH AS PAYING FOR DOCTORS VISITS, PRESCRIPTION DRUGS, OR HOSPITAL STAYS 28% 41% YOU (AND YOUR SPOUSE) WILL HAVE ENOUGH MONEY TO LIVE COMFORTABLY THROUGHOUT YOUR RETIREMENT YEARS [ PERCENT OF RESPONDENTS "EXTREMELY" AND "VERY" CONFIDENT ] 25% 42% 0% 10% 20% 30% 40% 50% Higher confidence levels among early Boomers can be attributed in large part to higher levels of savings. According to the Pew Charitable Trust s report, Retirement Security Across Generations: Are Americans Prepared for Their Golden Years?, the early Boomers had acquired enough savings and wealth, even after the recession, to replace 70% to 80% of their pre-retirement income while late Boomers will replace about 60% of their pre-retirement income. In addition, more early Boomers are retired. As noted above in the demographic profile section, 48% of early Boomers report they are retired compared with only 6% of late Boomers. Considering early Boomers are in their early to mid-60s, they are in the beginning of their retirement years, years in which retirees are most active. In fact, 80% of early Boomers report their current health status as good to excellent. Future financial retirement concerns remain for the early Boomers, with long-term care being a major concern. IRI data shows 30% of early Boomers are not confident they will have enough savings for their own long-term care needs. According to The MetLife Report on the Oldest Boomers: Healthy, Rapidly Retiring and Collecting Social Security, longterm care rose to the top of the list of retirement concerns for the early Boomers, with 31% reporting concern about providing for their own or spouse s/partner s long-term care needs. 8

9 PLANNING FOR RETIREMENT PLANNING FOR RETIREMENT To achieve a comfortable and secure retirement there are some basic steps to take. Among these are determining how much savings are needed for a comfortable retirement, saving money for retirement, and determining when to retire. All of these components are critical to a successful retirement plan. IRI has found that, for their ages, a low percentage of both late and early Boomers have done a savings need calculation, 45% of late Boomers and 55% of early Boomers. Previous IRI research has shown doing a calculation to determine how much savings are needed for retirement can have a significant impact on confidence levels. In IRI s report, Boomers and Generation Xers: Are They on Track to Meet Their Retirement Goals?, 44% of Boomers who did a savings need calculation stated they were extremely or very confident they would have enough money to live comfortably throughout their retirement years compared with only 29% of Boomers who did not calculate how much savings they would need. CONFIDENCE IN RETIREMENT EXPECTATIONS, 2013 AMOUT SAVED FOR RETIREMENT, AMONG THOSE REPORTING AMOUNT SAVED, % 80% 60% 40% 20% % 40% 30% 20% 10% % DONE A SAVINGS NEED CALCULATION HAVE MONEY SAVED FOR RETIREMENT 0% LESS THAN $100,000 $100K - $149K $150K - $199K $200K - $249K $250K + A considerable percentage of late Boomers (75%) and early Boomers (82%) report they have saved money for retirement. While it is good that many Boomers in both cohorts have saved money for retirement, have they saved enough? IRI research shows a significant percentage of both cohorts have low savings for retirement. Almost half of late Boomers (47%) and nearly one-third of early Boomers (32%) report having less than $100,000 saved for retirement. Insufficient savings can have negative impacts on your ability to retire. For late Boomers, IRI research shows, a lack of sufficient savings is the main reason for being uncertain about which age to retire, cited by 27% of late Boomers who did not know at what age they would retire. In contrast, among early Boomers, who have not retired and were uncertain at which age they would retire, more were likely to state they enjoyed working and loved their job, cited by 20% of early Boomers. 9

10 PLANNING FOR RETIREMENT WORKING WITH AN ADVISOR Both Boomer cohorts can improve their confidence in their ability to achieve their retirement goals through working with an advisor. In past research reports, Boomer Expectations for Retirement, 2013 and Baby Boomers and Generation Xers: Are They on Track to Reach Their Retirement Goals?, IRI provided analysis showing the positive impact working with a financial advisor has on confidence in achieving retirement goals. IRI has found the difference in confidence levels between Boomers who work with an advisor compared with those who do not is as much as 13 percentage points. In addition to improving confidence levels, working with an advisor can help Boomers manage difficult financial experiences, such as noted perviously in the Current Financial Situation section of this report. Ameriprise Financial surveyed individuals age 50 to 70, predominately Boomers, to identify events and issues which made saving for retirement difficult. In their report, Retirement Derailers TM Survey, Ameriprise found nearly all of the respondents experienced a retirement derailer costing on average $117,000 in savings. To overcome these difficulties, the report noted 42% of surveyed respondents stated they will rely on the assistance of a financial advisor to help them get back on track to achieving their retirement financial goals. IRI HAS FOUND THE DIFFERENCE IN CONFIDENCE LEVELS BETWEEN BOOMERS WHO WORK WITH AN ADVISOR COMPARED WITH THOSE WHO DO NOT IS AS MUCH AS 13 PERCENTAGE POINTS. IRI, BOOMER EXPECTATIONS FOR RETIREMENT IN THEIR REPORT, RETIREMENT DERAILERS TM SURVEY, AMERIPRISE FOUND NEARLY ALL OF THE RESPONDENTS EXPERIENCED A RETIREMENT DERAILER COSTING ON AVERAGE $117,000 IN SAVINGS. 10

11 SOURCES OF INCOME IN RETIREMENT SOURCES OF INCOME IN RETIREMENT Because of their very different experiences in the work force, late Boomers expected sources of income in retirement differ from early Boomers and present some unique challenges to late Boomers. In addition to this, nearly half of early Boomers are already retired. Therefore the data on early Boomers incorporates some actual experience with sources of income in retirement rather than what is expected to be sources of income in retirement. EXPECTED MAJOR SOURCES OF INCOME IN RETIREMENT, 2013 SOCIAL SECURITY DEFINED CONTRIBUTION/ 401(K) TRADITIONAL EMPLOYER- PROVIDED PENSION INDIVIDUAL RETIREMENT ACCOUNT PERSONAL INVESTMENTS EMPLOYMENT DURING RETIREMENT PERSONAL SAVINGS THE SALE OR REFINANCING OF HOME 9 8 0% 10% 20% 30% 40% 50% 60% SOCIAL SECURITY IRI data shows more early Boomers (53%) expect Social Security to be a major source of income in retirement compared with late Boomers (36%). Most of the difference here can be explained through the actual experience of retired early Boomers. Since nearly half of early Boomers are retired it is not surprising that many report Social Security as a major source of income in retirement. 11

12 SOURCES OF INCOME IN RETIREMENT THE CHALLENGE OF DEFINED CONTRIBUTION PLANS One of the key points of difference between late and early Boomers is which type of employmentbased plan is expected to be a major source of income in retirement. Early Boomers spent a good portion of their working careers when traditional defined benefit pension plans were prevalent. This is reflected in the IRI data which shows 39% of early Boomers expect a defined benefit plan to be a major source of income in retirement compared with 34% of late Boomers. Late Boomers expect a defined contribution 401(k)-type plan to be a major source of income in retirement, 43% compared with 36% of early Boomers. significant obstacle. For further details on the challenges to providing in-plan guarantee options please see IRI s January 2013 report, Guaranteed Lifetime Income Options Within Employment-Based Plans: Leveraging Advantages and Overcoming Challenges. The advantages to the plan participants are significant. Prudential in their study Better Participant Outcomes Through In-Plan Guaranteed Retirement Income found when in-plan guaranteed retirement income options are added to defined contribution plans: The challenge for late Boomers is the 401(k)-type plan does not automatically payout a benefit as an annuity payment. The most common form of distribution from a 401(k)-type plan at retirement is a lump-sum distribution, according to survey data from Aon-Hewitt. Late Boomers must manage these assets throughout their retirement years. How to make these assets last throughout their retirement years will be the primary challenge for late Boomers. The use of investment products, such as annuities, which provide a guaranteed source of income, can help late Boomers manage those assets throughout their retirement years. IRI research shows, a guaranteed source of income in retirement is highly valued by both Boomer cohorts with nearly one-fifth of late Boomers (17%) and one-quarter of early Boomers (24%) identifying guaranteed income each month as the one most important trait in a retirement investment product. Participant satisfaction increases Participant confidence increases Participant outcomes improve due to better long-term investing behaviors In addition, the research found that plan participants with in-plan guaranteed retirement income options were more inclined to stay invested during market turmoil, were better diversified and contributed more than participants without guaranteed retirement income. One tool to assist Boomers in providing a guaranteed stream of income in retirement is through the provision of a mechanism within the plan through which individuals have the option to convert a portion of their accumulated assets into a guaranteed income product. There are many challenges to implementing in-plan guarantee options; employer fiduciary concerns are the most 12

13 CONCLUSION CONCLUSION AS NOTED IN THE introduction, the Baby Boomer generation is a very large demographic group of 79 million individuals spanning 18 years. The Boomers came of age during a period of great economic and social transitions for the country. Because of these two facts, the early Boomers and late Boomers are sometimes seen as two different generations. In fact, according to MetLife in their report, Boomer Bookends: Insights into the Oldest and Youngest Boomers, a majority of the early Boomers embrace the Boomer moniker to describe their generation compared with less than half of late Boomers, who do not like being associated as a Boomer. As this report shows, there are some significant points of difference between the two Boomer cohorts highlighting challenges late Boomers must manage which their older siblings did not encounter. IRI has shown that late Boomers level of confidence in their ability to do a good job in preparing financially for retirement are significantly lower than early Boomers, 26% versus 45%. Part of the reason for this is the lower savings rates for late Boomers compared with early Boomers. IRI data shows fewer late Boomers than early Boomers have savings for retirement (75% versus 82%) and of those who do have savings, more late Boomers (47%) have less than $100,000 in retirement savings compared with early Boomers (32%). Due to their different workforce experiences, late Boomers are more likely to identify a defined contribution 401(k)-type plan as a major source of income in retirement compared to early Boomers - 43% versus 36%. The most common form of benefit payout from a defined contribution plan is a lump-sum distribution. This presents late Boomers with the challenge of making these assets last throughout retirement years. Late Boomers can meet these challenges. Past IRI research has shown confidence levels can improve, and improve significantly with the assistance of a financial advisor. Making their savings last throughout their retirement can be achieved through the use of guaranteed lifetime income products such as annuities. Past IRI research has shown providing access to guaranteed lifetime income products within a defined contribution plan provides an easy transition into retirement for plan participants. 13

14 SOURCES OF INCOME IN RETIREMENT METHODOLOGY The Insured Retirement Institute (IRI) commissioned Woelfel Research, Inc. to conduct a survey of individuals approaching retirement or who have recently retired. The research was conducted by means of telephone interviews with 802 adult Americans aged The sample was selected from a list of households in this age group, developed by Accudata, Inc. by compiling data from available sources such as motor vehicle records. Results were weighted by age and gender to the 2011 American Community Survey population from the United States Census Bureau. Data was collected from January 25 through January 31, The margin of error for the sample of 802 was ±3.5%. To access recent IRI research reports referenced in this report, please go to org. Please click on the Exclusive IRI Research tab under the Research tab from the home page. Supporting data were derived from publicly available research from financial services companies (Ameriprise, Fidelity Investments, MetLife, and Prudential), various government sources (Bureau of Labor Statistics and Federal Reserve Board), and other organizations (Aon- Hewitt, Employee Benefit Research Institute, and Pew Charitable Trust). 14

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