Before you read the following keep in mind that baby boomers are now between 55-75 years old. Time is running out…or worse.
This is not about not being able to save, it’s about procrastination, maybe even an inclination to live for today and tomorrow will take care of itself.
A new survey by the National Association of Personal Financial Advisors (NAPFA) reports that one in three baby boomers who are nearing or starting retirement — hasn’t done any financial planning in the last two years.
Seriously. The “I’ll think about it tomorrow” approach is alive and well.
This latest report card shows that baby boomers are only slightly in front of millennials when it comes to retirement planning. More than half of millennials and members of Generation X, as well as over one-third of boomers, haven’t started retirement planning, according to the NAPFA survey. More than one-third of millennials and Gen Xers don’t think they’ll ever be able to retire.
A deeper dive: 37% of boomers have not considered their options for retiring; 1 in 3 don’t think they’ll ever be able to retire; 16% don’t know how much money they need to retire; 21% say $1 million to $2 million sounds about right
NAPFA conducted this survey to understand the financial health of Americans. We hope that these results will cause people to take action, whether that’s creating a budget, saving more or reaching out to a financial planner.