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Press Release
FreeRetirementReport.com’s Retirement Survey Reveals Stunning Result: Boomers Now Need 10 More Years to Retire, Post-Recession
• Target retirement age now 75, instead of 65
• Data compiled from over 1,600 Baby Boomers surveyed
• Respondents possess an aggregate of $1+ billion in investable assets
• FreeRetirementReport.com is an offering of My New Financial Advisor, a connector of qualified clients with expert financial advisors
It is crucial for the Boomer today to have the analysis available to see the severity of the problem they are facing. Santa Barbara, CA (PRWEB) October 23, 2012
An analysis of over 1,600 Retirement Reports generated by FreeRetirementReport.com revealed that the average Baby Boomer cannot retire until the age of 75. The survey was based on data provided by users of FreeRetirementReport.com where the Baby Boomer input their information for current income/expenses and future income/expenses. These income and expense variables were then compared against industry standard market returns for the Boomers existing investment portfolios.
“In addition to 75 as the new retirement age, there are two additional phenomenal data points. One; that the Boomer’s income and expense assumptions in our analysis incorporate the low inflation environment of today and two; we utilized the same asset class assumptions that all advisors use nationally, which are high,” said Frank T. Troise the Founder of My New Financial Advisor. “We are now analyzing our data to see what a 1.00% move in inflation does to investors’ retirements and we want to see what happens if we incorporated the “new normal” asset class assumptions for market returns”.
Many of the survey participants were impacted by a combination of issues including: loss of income, insufficient savings, low market returns, higher than expected current expenses, past due taxes, and minimal to non-existent wage growth. Inflation and taxation were the two variables of most concern to survey participants as causes of depletion in their retirement portfolios.
“It is crucial for the Boomer today to have the analysis available to see the severity of the problem they are facing. We view this as a wonderful opportunity for the Boomer to proactively take control of their situation,” said Troise.
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