Skip to main content
Created: September 27, 2018
Modified: July 5, 2023

Are You A Baby Boomer? What Is Your Retirement Readiness?

CLICK TO READ THIS ARTICLE ON FORBES.COM

The generation referred to as Baby Boomers includes individuals born between 1946 and 1964 and is often a difficult group to analyze and target. Baby Boomers run the gamut of different life stages – from single to married with young children to empty nesters and everywhere in between. According to the Insured Retirement Institute (IRI), only 25% of this age cohort are confident their savings will last throughout retirement. Creating a retirement income plan, deferring your retirement by even one year, analyzing your guaranteed incomes, understanding the makeup of your accounts and the differences in taxation laws are some of the ways to help improve your financial security as you enter retirement. Are you ready for retirement? How do you compare to other Boomers?

1. 4 in 10 Boomers plan to take money out of their 401(k) accounts before retirement.

This is a big NO in the world of retirement financial planning 101. Your 401(k) is principle protected and is designed to pay your income for the rest of your life. Withdrawing sooner is a huge mistake. While 4 in 10 plan to withdraw from this type of account, only 22 percent consider their 401(k) to be a major source of their retirement income.

2. 7 in 10 Boomers like the idea of a guaranteed pension style income.

Pensions are not as frequently found as they were in the past. Boomers value that certainty and security of a pension style income as they get close to retirement. Yet, only 14 percent plan to purchase an annuity with a portion of their 401(k) or IRA.

3. More than half of all Boomers are relying on Social Security as a big source of their income.

Statistically, Boomers don’t have enough savings, are not managing their accounts well enough and therefore are relying heavily on Social Security. Over 76 percent of individuals say that changes in Social Security which will negatively affect their income is one of the top two concerns regarding their retirement year. The other major concern is that the unpredictability of Social Security will impact their health care expenses. And, we know from many studies and research that the increasing cost of long-term care and health care expenses will cause many families hardships unless they have planned accordingly.

4. Over 50% of individuals do not manage or review their accounts regularly.

It is very important to rebalance your investments about once a year. While 80% of Boomers check their balances quarterly, only half actually take the time to analyze their accounts and then rebalance.

If you are a Baby Boomer, most likely some of the statistics and findings resonate very closely with you. On a positive note, it is never too late to turn things around. Creating a relationship with a financial advisor or retirement planning specialist highly correlates to feeling prepared for retirement. According to the Insured Retirement Institute, close to 80 percent of Boomers who worked with a financial professional have at least $100,000 saved for retirement compared to 48 percent who have not worked with someone.

Information presented here is considered current as of the created date. Over time, some information presented may become stale. We recommend you consult with your Financial Professional before making any changes based on information contained here.

Johnson Brunetti is a marketing name for the businesses of JB Capital and JN Financial.
Investment Advisory Services offered through JB Capital, LLC. Insurance Products offered through JN Financial, LLC.
The guarantees provided by any type of insurance contract are based on the claims-paying ability of the insurance company.

Joel Johnson, CFP®
Managing Partner at Johnson Brunetti
Joel Johnson, CFP®
Joel Johnson, the Managing Partner of Johnson Brunetti, has been in the financial services industry since 1989. As a CERTIFIED FINANCIAL PLANNER™ professional, Joel and his team have helped thousands of families develop their own individualized retirement plans based on the unique needs of those approaching the second phase of their lives. Starting from humble beginnings but developing a strong work ethic early on, Joel’s grandfather taught him by serving others first and creating value for someone else, you will never have to worry about money. These important life lessons were the driving…
Resources by Topic

Subscribe to Our YouTube Channel

Share

Related Resources

  • Podcast Episode 438: What 59% of Retirees Wish They’d Known About Taxes

    Prefer to watch? Click here to watch and listen on YouTube. According to a recent Nationwide Retirement Institute survey, 59% of retirees regret not preparing for taxes. More specifically, how …
  • Should I Use AI for Investing Advice?

    Artificial intelligence (AI) has become ingrained in many aspects of our lives, including our financial lives. About two-thirds of Americans are already turning to generative AI for financial advi…
  • What is the Financial Impact of Retiring at 62 vs 65?

    Retiring at any age requires thoughtful, tailored planning. But when faced with the choice to take an early retirement or continue working, the right answer depends on several personal factors. …
  • Podcast Episode 436: How Has Retirement Changed in the Past 10 Years?

    Prefer to watch? Click here to watch and listen on YouTube. How has retirement changed over the last decade, and why does it matter now? If you’re planning for retirement the same way people di…
  • What’s the Biggest Challenge Retirees Will Face?

    Over the next decade, retirees will face many challenges, but the biggest one may not be financial. While markets, inflation, healthcare, and taxes are all important, Joel Johnson, CFP® highlights…
  • Podcast Episode 435: 6 Steps to Financial Fitness in 2026

    Prefer to watch? Click here to watch and listen on YouTube. Every January, getting in shape tops the list of the most common New Year’s resolutions. But what about improving your financial fitn…
  • How Is Medicare Changing in 2026?

    Medicare costs like premiums, deductibles, and copays generally change every year. But what does this mean for your broader retirement plan? Well, even small adjustments can have a large impa…
  • Podcast Episode 434: I’m 59½, What Should I Do with My 401(k)?

    Prefer to watch? Click here to watch and listen. If you’re approaching age 59½, you’ve hit an important financial milestone. New options are now available, and you may not realize just how many…
  • What Financial Resolutions Should I Make This Year?

    What financial resolutions will you ring in the new year with? According to Vanguard’s new consumer survey, most Americans feel confident in achieving their 2026 financial resolutions. While that’…
  • What Important Financial Wisdom Have You Learned?

    Your behavior around money can either be your greatest obstacle or your greatest strength. Often, an investor’s behavior is the biggest impediment to their success. With over 30 years of experi…
    Back to top
    • Laura H.
      Laura H. is a client of Johnson Brunetti and received no compensation for their statement.

      “Your corporate values and mission have stayed constant which we’d say is the primary reason we are so satisfied. We believe that mission should never change.”

      Testimonials received in response to Johnson Brunetti survey conducted in 2024.  Please click here for a description of the survey and the overall results. 

    • John L.
      John L. is a client of Johnson Brunetti and received no compensation for his statement.

      “We are extremely please with J&B. Referring back to our one word, Family, we trust your firm, advisors, and services as we would a member of the Family. Thank you for everything!”

      Testimonials received in response to Johnson Brunetti survey conducted in 2024.  Please click here for a description of the survey and the overall results. 

    • Joe D.
      Joe D. is a client of Johnson Brunetti and received no compensation for his statement.

      “Your model is working well, continue to keep your focus on your clients. The podcasts are an effective way of communicating information and real life stories. Your business is supporting your clients’ many different real life stories.”

      Testimonials received in response to Johnson Brunetti survey conducted in 2024.  Please click here for a description of the survey and the overall results. 

    • Jackie L.
      Jackie L. is a client of Johnson Brunetti and received no compensation for her statement.

      “I love how everyone in the company makes us feel. Like we are one big happy family. I wouldn’t change anything! “

      Testimonials received in response to Johnson Brunetti survey conducted in 2024.  Please click here for a description of the survey and the overall results.

    • Christine Q.
      Christine Q. is a client of Johnson Brunetti and received no compensation for her statement.

      “Your services are exemplary and greatly appreciated by my husband and myself to live out our retirement years feeling safe and secure. Thank you!”

      Testimonials received in response to Johnson Brunetti survey conducted in 2024.  Please click here for a description of the survey and the overall results. 

    • Barbara S.
      Barbara S. is a client of Johnson Brunetti and received no compensation for her statement.

      “We are very happy with Johnson Brunetti. It has really taken a load off our shoulders. Thank you.”

      Testimonials received in response to Johnson Brunetti survey conducted in 2024.  Please click here for a description of the survey and the overall results. 

      Our Locations
      Johnson Brunetti
      Welcome to Our New Website!
      Everything was designed with you in mind, making our retirement planning resources more easily accessible to you.
      Check out your new resource center, where everything can be organized by article type or topic
      Are you ready to speak with a financial advisor?
      Skip to content