Senior Spotlight: New Survey Reveals Baby Boomer Financial Priorities
Here is what matters most to 5,500 American workers as they age.
Priorities. It’s the foundation of what life is all about, what decisions we make, and how we spend our time and money. A recent survey by the Transamerica Center for Retirement Studies revealed the top ten priorities of 5,500 American workers and separated out the results for Baby Boomers, those aged 58 to 76 today.
The priorities lowest on the list for Baby Boomers but still in the top ten were:
• Contributing to an education fund for grandchildren (7%)
• Paying off consumer debt other than credit cards, mortgages & student loans (8%)
• Supporting adult children, averaging $1,000 month (12%)
The highest priorities on the list were:
• Just getting by and covering basic living expenses (17%)
• Paying off a mortgage (31%)*
• Paying off credit card debt (35%)
• Building emergency savings for unemployment, home and car repairs & medical bills (35%)
• Saving for retirement (70%)
*Money Talks News and Transamerica report that paying off a mortgage often “just feels good even if it’s not always the most efficient financially.” Please be sure to speak with a trusted and certified financial professional as you make the decisions that are best for you.
Right in the middle of the priority list is "creating an inheritance or financial legacy” with 14% of surveyed Baby Boomers citing this is a goal. The interesting note is that while Baby Boomers are the wealthiest generation with over $75 trillion in assets, individual situations vary greatly. Nearly ½ of Boomers fear they will outlive their wealth. Thus leaving a legacy is secondary to goals that support making ends meet.
Do any of these priorities surprise you? Match your own? Not even make your own personal retirement list?
Resource Used: The Top 10 Financial Priorities for Baby Boomers Today
All my best,
Bobbi
Bobbi Decker
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