Insurers who can find ways to target boomers with products and services that will meet their unique needs will be well-poised for the golden opportunity that exists with this active and engaged buyer segment. Read More: http://www.genre.com/knowledge/blog/baby-boomers-ready-set-retirement-en.html

1. research products online
NOTE: Married includes persons with spouse present, spouse absent and separated.
Single includes persons divorced, never married and/or widowed.
NOTE: Compiled from two studies, both reflecting respondents between 46–64 years old, 1988–1994 and 2007–2010.
* Doesn’t include home/motor vehicle purchases or normal household bills.
NOTE: Percentages refer to Boomers who use
the Internet.
* Asked of both re-contacted and new respondents;
from current or former employer.
Average daily spending increased
over the past 5 years (mostly spent
on non-discretionary purchases).
own more than one propertyown their home
of Boomers expect an advisor
to play at least some role in
a discussion about healthcare
costs in retirement
want their financial advisors to
be able to address specific
Medicare health plan choices
Majority will likely work past traditional retirement age:
Higher prevalence for disease than the previous generation:
THEY LEAD ACTIVE LIFESTYLES BUT FACE SERIOUS HEALTH ISSUES:THEY LEAD ACTIVE LIFESTYLES BUT FACE SERIOUS HEALTH ISSUES:THEY LEAD ACTIVE LIFESTYLES BUT FACE SERIOUS HEALTH ISSUES:THEY LEAD ACTIVE LIFESTYLES BUT FACE SERIOUS HEALTH ISSUES:
MANY AREN’T PLANNING EFFECTIVELY FOR RETIREMENT:MANY AREN’T PLANNING EFFECTIVELY FOR RETIREMENT:MANY AREN’T PLANNING EFFECTIVELY FOR RETIREMENT:MANY AREN’T PLANNING EFFECTIVELY FOR RETIREMENT:
THEY OWN MANY FINANCIAL PRODUCTS ALREADY:THEY OWN MANY FINANCIAL PRODUCTS ALREADY:THEY OWN MANY FINANCIAL PRODUCTS ALREADY:THEY OWN MANY FINANCIAL PRODUCTS ALREADY:
THEY’LL USE SOCIAL SECURITY AND MEDICARE:THEY’LL USE SOCIAL SECURITY AND MEDICARE:THEY’LL USE SOCIAL SECURITY AND MEDICARE:THEY’LL USE SOCIAL SECURITY AND MEDICARE:
THEY HAVE SIGNIFICANT PURCHASING POWER:THEY HAVE SIGNIFICANT PURCHASING POWER:THEY HAVE SIGNIFICANT PURCHASING POWER:THEY HAVE SIGNIFICANT PURCHASING POWER:
THEY'RE ACTIVE ONLINE:THEY'RE ACTIVE ONLINE:THEY'RE ACTIVE ONLINE:THEY'RE ACTIVE ONLINE:
Married
Single
Silent Generation
Baby Boomers
Youngest Boomers Oldest Boomers
62%
34%
25%84%
DON’T use
a financial advisor
haven’t saved ANY money
for retirement
25%
$105*
Currently at
81%
use social networking sites
71%
52%
plan to work in retirement
40%
plan to work, volunteer or
participate in entrepreneurial
work until death
for enjoyment
out of necessity
+39.7%
+9.3%
+6.6%
+3.5%
High Cholesterol
Obesity
33.8%
32%28%
73.5%
29.4%
38.7%
High Blood Pressure
Diabetes
36.4%
43.0%
12.0%
15.5%
BOOMER BASICS:BOOMER BASICS:BOOMER BASICS:BOOMER BASICS:
Estimated
spending power
$3.2 trillion
fear that they will have to rely more
heavily than they expected on
Social Security and Medicare
59%
expect Social Security to be their
primary source of income in retirement35%
know “a great deal” about
Social Security benefits,17%Only
have some or no
understanding of the benefit54%while
81%
88%
Life Insurance
54%
71%
401(k)/403(b)
Retirement Plan
51%
45%
Health Insurance* IRA
76%
82%
...BUT THEY’LL SEEK GUIDANCE FROM AN ADVISOR...BUT THEY’LL SEEK GUIDANCE FROM AN ADVISOR...BUT THEY’LL SEEK GUIDANCE FROM AN ADVISOR...BUT THEY’LL SEEK GUIDANCE FROM AN ADVISOR
63%43%
51%
49%
48%
68%72%
Boomers represent roughly 25% of the U.S. population.
By 2030 all will be age 65 and over. The 10,000 people per day currently
reaching retirement age are seeking products and services to support them through
their golden years. Are financial and insurance professionals ready to help?
In the U.S.,
a Baby Boomer is
someone born between
1946 and 1964
(ages 50–69 in 2015)
© 2015 General Re Corporation
Sources:
AARP, Boomers' 'Anxiety Index' High, 2012
Act Two, Baby Boomers and Employment, 2013
Ameriprise Financial, Health, Wealth and Retirement Study, October 2014
BoomAgers, The Boomers Are Back in ‘First Place’, 2014
eMoney Advisor, Financial Tech Habits of Baby Boomers, 2013
Financial Finesse, 2013 Generational Research, 2013
Gallup, Baby Boomers Are Opening Their Wallets, 2015
Governing, What Makes the Boomers the Boomers?, 2012
Harris Interactive Poll, Number of Americans Reporting No Personal or Retirement Savings Rises, 2011
JAMA Internal Medicine, The Status of Baby Boomers’ Health in the United States, 2013
MetLife Mature Market Institute, Boomer Bookends: Insights into the Oldest and Youngest Boomers, 2009
National Association of Realtors, Baby Boomer Survey Shows Big Appetite for Real Estate, 2006
Pew Research Center, Baby Boomers Retire, 2010
Pew Research Center, Social Media Update 2014, 2015
Social Security Planning, The Emerging Cornerstone of Financial Practices, 2013
TransAmerica Center for Retirement Studies, Baby Boomer Workers Are Revolutionizing Retirement: Are They and Their Employees Ready?, 2014
Transamerica Center for Retirement Studies, 16th Annual Transamerica Retirement Survey: Influences of Generation on Retirement Readiness, 2015
U.S. Census Bureau, 2013 Consumer Expenditure Survey, 2013
U.S. Census Bureau, An Aging Nation: The Older Population in the United States, 2014
U.S. Census Bureau, Population: Marital Status and Living Arrangements, 2010
U.S. Census Bureau, The Baby Boom Cohort in the United States: 2012 to 2060, 2014