investing
For Younger Boomers, Financial Crisis Served as Wake-Up Call
Kiplinger News
October 21, 2010
Younger baby boomers - those in their 40s - are more likely to be concerned for their financial future than older boomers, insurer and annuity provider Allianz says.
The company, which polled 3,257 boomers in May, found that a majority of younger boomers - those between 44 and 49 - feel "completely unprepared" for retirement. In addition, younger baby boomers are more likely than older ones to want to seek out retirement security and reduce their vulnerability to market swings.
"The economic downturn woke up many Americans to the challenges of securing retirement income, but this younger boomer segment seems to have taken the lesson even more seriously," Allianz Life CEO Gary C. Bhojwani said.
Underscoring the uncertainty that plagues the younger boomer cohort, boomers in their 40s were interested in hiring a financial planner, the insurance company found. Only 19 percent of the young boomers had actually hired a planner - but 41 percent said they would consider it.
Boomers can succeed by saving for retirement on their own, too. One smart strategy may be to seek out closed-end funds, which are designed to produce income for their owners. To learn more about closed-end funds - or saving for retirement in general - read up with Kiplinger's articles and resources.
