June 15, 2012
--- When choosing investment products for retirement, male Boomers care most
about rate of return followed by the investment’s past performance, a survey
The Insured Retirement Institute (IRI) Wednesday released IRI Quick Facts
for financial advisers that examine the opinions of male Baby Boomers. Using the
institute’s survey findings, the fact sheet says that male Boomers tend to be more
willing to take on some risk when choosing investment products than their
Rate of return followed by past investment performance were the top two
features for male Baby Boomers when selecting products.
Of survey respondents, 22.2% of male Boomers favored rate of return and 15.3%
selected past performance.
Female Boomers, on the other hand, ranked the male’s favorites much lower,
with rate of return at 15.1% and past performance at 11.5%. Women were more
inclined to select retirement products based on guaranteed monthly income (17.6%)
and the recommendation of a financial adviser (17.2%), compared with 14.4% and 12.7% of male Boomers.
IRI developed the fact sheet as a starting point and to help facilitate
those conversations with the goal of developing a plan for financial security, said
Cathy Weatherford, IRI’s president and
“As our dads quickly approach retirement age, as financial professionals, we
need to have conversations with them and their families to ensure that they
have a financial plan in place to attain security during their later years,” Weatherford said.
The fact sheet shows that a significant portion of male Boomers will
continue to support family members financially, as more than 28% currently
support adult children and another 8% support parents, making conversations
even more critical, according to the institute. As Weatherford pointed out, “The
sooner we have these conversations, the more time they will have to prepare
appropriately and make necessary adjustments.”
IRI Quick Facts: A Portrait of a Male Boomer, 2012 also discusses male
Boomers’ retirement expectations, savings levels, retirement planning status
and views, and outlook on the future. For the entire IRI Quick Facts, click here.