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Financial Insights: Navigating Wealth and Retirement for Baby Boomers

Money &Raquo; Senior Woman With Calculator Counting Dollar Money 2021 08 26 16 33 09 Utc

The good news, according to financial Experts we’ve consulted, is that Baby Boomers still control 50% of all the wealth in the U.S.—more than any other generation. A 2022 Investopedia Financial Literacy Survey, which polled 1,000 U.S. Boomers, revealed that we are typically fiscally conservative, goal-centric, independent, and resourceful. Most of us are at least somewhat confident in our ability to manage our finances.

When it comes to Retirement expectations, more than 25% of survey participants anticipate receiving Retirement income from pensions and 401(k)s. Others expect income from savings, certificates of deposits (CDs), and market investments. A significant majority (70%) of still-working Boomers expect to be able to support themselves with Social Security alone when they are no longer able to work, although this may be more wishful thinking than reality. Among those surveyed, 62% are retired, 23% expect to retire, and 16% are unsure they will ever be able to quit working.

Interestingly, 83% of Boomers expressed confidence in their ability to manage finances. The top financial skill Boomers wish to acquire is how to keep financial information safe online. Additionally, many Boomers now manage the budgets of Elderly Family members, which can be challenging, especially when those loved ones cannot communicate their financial goals.

Another survey finding was that 77% of Boomers consider themselves beginners in understanding digital currency. For us at BabyBoomer.org, an important insight from the survey was that most Boomers prefer to acquire financial knowledge through reading (37%) and talking to others (35%), rather than watching videos, game simulations, classes, or podcasts. We will, therefore, aim to provide valuable resources to meet these preferences.

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