Boomers Ready for Retirement, Gen Xers Struggle, Study Finds
Baby Boomers are optimistic about retirement, while Generation X struggles with saving and spending, according to the Generation Ahead Study from Allianz Life Insurance.
Seven out of 10 boomers -- 72 % -- said they feel financially prepared for retirement, up 15% from 2010. But, the next generation closest to feeling prepared for retirement are Millennials, not Gen Xers, the group next in line for retirement. 76% of millennials have confidence their income will last a lifetime, while boomers were at 67%. Gen Xers obviously feeling more vulnerable were at 58%.
The survey also tracked what people look for in a financial advisor. In terms of baby boomers, they want a professional who can communicate with them on their terms, phone and email communication about one to three times per month, help with increasing their technological know-how and they want to be offered guaranteed products over products with risk of loss.