A study from the Insured Retirement Institute (IRI) also found that confidence in retirement security is severely depressed, with only 36% of Boomers being confident in having enough assets to live comfortably during retirement. The confidence shortage was even higher among single and middle-income Boomers. Nearly three out of four single Boomers and 70% of middle-income Boomers are not confident in having enough money to live comfortably in retirement.
The study also revealed that more Boomers are planning to work longer and into their retirement years. For 64% of Boomers, employment during retirement will be a source of income and nearly one-quarter do not expect to retire until at least age 70.
Employer-sponsored defined contribution plans are now on equal footing with Social Security as a major source of retirement income, according to the study. As additional evidence to the shift to defined contribution plans from traditional defined benefit pension plans, 42% of Boomers indicated that a defined benefit plan will not be an income source in retirement compared with 36% in a similar study in 2011.
The study report is here.