“As the financial crisis cut into their net worth and lowered the value of their homes, boomers’ confidence in achieving a personally satisfying retirement dropped significantly, according to a recent study commissioned by the Bankers Life Center for a Secure Retirement (CSR), ‘10 Years After the Crisis: Middle-Income Boomers Rebounding But Not Recovered.’ Today, less than four in 10 (37%) boomers are certain they will have a personally satisfying retirement. . . . The study found 28 percent are making more conservative investments, and 26 percent report they no longer invest as a result of weathering the crisis. Further compounding their cautious behaviors, the study found two-thirds are worried about another financial crisis in their lifetime.”
LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform):
Boomers are rightfully worried about their financial futures, but what are they doing about it? Investing more conservatively or not at all, thus minimizing or missing altogether, the substantial market gains of the past decade. And of course, too few of them are leveraging the LTC risk with private insurance.