Middle-income baby boomers are poorly prepared for retirement, a survey report says.
Only 51% of baby boomers earning $30,000 to $74,000 a year had determined how much they will need to save for a comfortable retirement, 48% are not comfortable making investment choices and only 43% have contacted a financial advisor, the Insured Retirement Institute says in the report, "Middle-Income Boomers and Retirement: Tapping the Significant and Underserved Middle-Income Market."
Asked what is the most important feature they look for when selecting a retirement investment vehicle, 19% said principal protection and 17% said guaranteed income.
Of those who had not worked with an advisor, 63% said they though they were doing a good job of preparing for retirement.
But that jumps to 90% for those who had worked with an advisor.
