A report card on the baby boom's retirement planning efforts

Article Abstract:

The baby boomers, having accumulated almost twice as much wealth as their parents had at the same age, may still require financial literacy and education to ensure their financial security after they retire. In 1996, as many of the boomers turn 50, they must begin to plan in earnest for their retirements. Although the boomers have done well in accumulating wealth, attaining a median wealth of $54,200 by 1989, they often lack the savvy to make the best long-term financial decisions. Common boomer mistakes include investing too conservatively or overinvesting in housing equity.

Statistics

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An inheritance boom for boomers? Looking beyond the headlines

Article Abstract:

The media reported that baby boomers should be receiving an inheritance windfall based on a report from Cornell University. However, the report has many flaws, including that the majority of the estimated $10.4 trillion will go to the already wealthy; each boomer would receive only about $100,000; most elderly are using up their wealth due to health care costs; and the inheritance will be spread out until 2040. Additionally, more elderly are choosing annuities and reverse annuity mortgages to guarantee income throughout their lives, leaving nothing behind.

Media coverage, Inheritance and succession

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Financial Literacy 2000

Article Abstract:

The Boettner Center's Financial Literacy 2000 survey found that most older Americans were not well-versed in the services provided upon retirement. Retirement finances are becoming more important as more Americans are nearing retirement age, there are fewer workers per retiree than in previous generations, those nearing retirement are not financially prepared and people are living longer after retirement. These factors make financial literacy programs essential to train the public in personal finance management.

Personal Financial Mgmt, Retirement Benefits, Personal finance, Surveys, Public opinion

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