Derailed Boomers Nearing Retirement Make Seismic Changes to Their Plans

New Survey of Affluent Boomers at 60 Reveals Plans to Work Longer and Cut Spending

More than half of affluent 60-year-olds are revamping their retirement plans, double the number who reported making changes a year ago, according to the fourth annual national survey by Bell Investment Advisors of Boomers reaching this milestone age. Of those who have changed their retirement plans in the last six months, two out of three are delaying their retirement, with 34% of these planning to work an additional five or more years. Almost 75% have reduced spending, and nearly half have changed their investments.

More than half (57%) of respondents said they feel more financially stressed than they were six months ago. Three out of four (76%) said they feel less wealthy and more than a third (35%) say they do not have enough to retire. Bell Investment Advisors’ fourth annual Affluent Boomers at 60 Survey of 500 high net-worth 60-year-olds also reveals a loss of confidence in America’s financial system. These Boomers indicated they’ve lost the most confidence in government regulators (34%) and banks and financial institutions (30%)...

BusinessWire: Derailed Boomers Nearing Retirement Make Seismic Changes to Their Plans