Baby Boomer Research

Goals

To have several disparate, as well as some related questions answered surrounding Baby Boomers. Specifically:

What apps and technologies are boomers adopting and then using today?
What are examples of recent (12 months) of advertising campaigns that have resonated with Boomers?
Where are Boomers getting their news and information, especially surrounding technology?
What are Boomers’ biggest financial retirement concerns?
What are Boomers’ spending habits, what items are they spending on, and are there things they are apprehensive about purchasing?
What brands and companies are Boomers shopping and then using?
What are Boomers’ views on investing?
How do Boomers feel about using an app to invest their money? Do they trust digital tools when it comes to money management?
How do Boomers view retirement? In other words, do they dread it or are they ready to retire?
It has been proven that women tend to live longer. In that case, do women and men view retirement differently?
What are boomers’ most asked questions before and then upon retiring?

Early Findings

  • For the purposes of this research, Baby Boomers are being defined as those born between 1946 and 1964, ages 56 to 74 in 2020.

Baby Boomers’ Biggest Financial Retirement Concerns

  • Only 23 percent of Baby Boomers ages 56-61 expect to receive income from a private company pension plan, and only 38 percent of older boomers expect a pension.
  • As for personal savings, most boomers have not saved nearly enough. In the worst case, it is really bad: 45% of Baby Boomers have zero savings for retirement.
  • Retirees routinely underestimate health expenses, particularly long-term care costs. Many simply don’t understand the system. Case in point: 50% of Baby Boomers report that they have not factored in the cost of long-term care insurance because they say they will rely on Medicare. But Medicare provides no coverage for long-term care. Only 8% of boomers say they have purchased a long-term care policy.
  • Americans are underestimating how much they are going to spend. The average amount spent by Americans 65-74 is $55,000 a year, but most Baby Boomers don’t think they will need anywhere near that amount. Indeed, 60% say they will need less than that to live on.
  • When asked what they will do if they run out of money in retirement, Baby Boomers said they will either downsize and then live on Social Security alone (58%), return to work (37%), or ask their children for assistance (6%).
  • The part about returning to work, or staying at work, is already happening. One-third of employed Baby Boomers ages 67 to 72 have postponed retirement.
  • Among those not confident they did a good job preparing for retirement, the top two things they wish they had done differently were to have saved more (63%) and to have started saving earlier (58%).
  • From the results of a survey, AARP reports that over 72% of Boomers expect that they will have to delay their retirement, and 50% of Boomers don’t believe that they will ever be able to retire.
  • PwC's Employee Financial Wellness Survey (published in May 2018) indicates that nearly half of all "Baby Boomers (47 percent) intend to remain in the workforce longer than planned due to insufficient savings.
  • Baby Boomers worry about retirement preparedness, in fact 46 percent cite this as their biggest financial concern.
  • The survey also uncovered that employed Baby Boomers are equally concerned with potential health issues in retirement (37 percent), the future cost of health care (36 percent) and running out of money (33 percent).

Summary Of Our Early Findings Relevant To The Goals

  • Our initial hour of research was spent doing two things. One: scanning all 11 questions (we placed two questions into one as they were related and did not need to be separated) to ensure that publicly available data was available, which it is, and then Two: answering one of the questions thoroughly so that the question could be fully answered and no further research required. However, should further research actually be required for that one, just clearly communicate that to us in any reply, which can be done below in a provided fourth scoping section.
  • There was no geographic focus provided to us, so we assumed a United States focus for all research and scanning for data availability. If a more broad approach is desired, for example, a global focus, this would have to be clearly communicated to us in any reply.
  • Please select one or more of the options provided in the proposed scoping section below.

Proposed next steps:

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