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Checklist: Retirement Expectations

Baby Boomers are a very diverse group with varying backgrounds and, therefore, have many concerns and expectations related to preparing for retirement. Using IRI’s Retirement Expectations Checklist with your financial professional can help determine your individual set of needs, and prioritize them in order to build a retirement income plan for your future.

  • 33% of Boomers consider guaranteed income or principal protection the most important trait they look for in a retirement investment. Are these criteria important to you?
  • 36% of Boomers expect an employer-­sponsored savings plan, such as a 401(k) to be a major source of income during retirement. Do you have, or expect to have, a significant balance in your 401(k) plan(s)?
  • 37% of Boomers expect an employer-­provided pension, such as one that pays a set amount each month, to be a major source of income during retirement. Does your company offer a plan and—if it does—do you know the approximate amount of your monthly payout?
  • 39% of Boomers do not have an age in mind for when they will retire.  Have  you  given  consideration  to  your  own  retirement date?
  • 43% of Boomers say they have little to no knowledge about making financial investments in stocks, bonds, 401(k)s, mutual funds, or annuities. Do you have a strong comfort level with these investments?
  • 46% of Boomers have not figured out how much money they need to save for retirement. Do you have a rough estimate of the total needed for your situation?
  • 47% of Boomers are not confident that they will have enough money to pay for long-term care expenses during retirement. Are you concerned about future long-term care expenses?
  • 48% of Boomers found it difficult to pay for essential items such as food, gas and medication during the recent economic downturn. Do you have significant debt as a result?
  • 57% of Boomers expect to work at least part-time during their retirement years. Is this something you plan to do, either out of necessity or by choice?
  • 62% of Boomers consider it very or somewhat important to leave an inheritance to their loved ones. Do you plan to leave a bequest?
  • 75% of Boomers do not expect to rely on personal investments as a major source of income during retirement. Do you foresee a significant role for personal savings or investments to fund your retirement?
  • 92% of Boomers who own annuities believe they are doing a good job preparing financially for retirement. Have you considered adding an annuity to your retirement portfolio?

*Guarantees are subject to the claims paying ability of the issuer.

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Make the REST of your life
the BEST of your life.

For more than 14 years our mission at West Financial Group has been to guide our valued clients to financial security. We strive to address all of your concerns, ensure you understand the products we recommend and take pride in knowing you’re comfortable with the direction and strategy we provide you.

Our goal is to provide a “WOW” experience at every client interaction! We want every meeting, phone call and event to be an interaction worth talking about. We want our clients to be able to say, “WOW, what an experience! I can't wait to tell my friends about our financial professional.”

Whether it’s financial, retirement, legacy planning or optimizing your future wealth, our approach includes understanding your unique situation, exploring your goals and discovering the best way to make the REST of your life, the BEST of your life. By getting to know you and your family, we serve as financial guides who keep your best interests in mind throughout the entire process.

Skip West | Financial Planner | West Financial Group

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