The Middle‐Income Boomer Retirement Gap: Savings, Education and Advice

November 2014

With many traditional retirement benefits being reduced or no longer accessible to the Boomer population, they are now exiting the workforce with an increased amount of personal responsibility for their own financial security. At the same time, the challenges of saving, investing and managing assets through retirement are becoming more complex. Navigating this world requires an increased level of knowledge, training and experience with financial matters and an ability to draw on trusted resources for information and guidance.

With the release of this new study, Bankers Life Center for a Secure Retirement explores how middle-income Boomers are saving for retirement, and the extent they use financial professionals for retirement advice. Download the Full Study




  • Two-thirds (62%) of middle-income Boomers express some doubts that they will have enough money to live comfortably throughout retirement.
  • Eight in 10 (83%) of middle-income Boomers have not received any specialized training or education on topics related to retirement financial security.
  • More than half (54%) of middle-income Boomers report investable assets of less than $100,000, with one-third (34%) reporting less than $25,000.
  • Six in 10 (59%) of middle-income Boomers do not receive professional financial guidance of any kind.
  • Of Boomers who don’t have a financial professional, nearly nine in 10 (85%) have not been contacted by one asking for their business in the past year, including nearly two-thirds (63%) who’ve never been contacted.

Download All Key Findings

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This study from the Bankers Life Center for a Secure Retirement—The Middle-Income Boomer Retirement Gap: Savings, Education and Advice —was conducted in July 2014 by the independent research firm The Blackstone Group.

The internet-based survey consisted of a nationwide sample of 1,000 Americans between the ages 50 and 68 who have an annual household income between $25,000 and $100,000. Quotas were established based on the U.S. Census Current Population Survey data for age, gender and income to obtain a nationally representative sample. The margin of error is +/- 3.1 percentage points at the 95% confidence level. For comparison, we asked select questions to a sample of 200 affluent Boomers, defined as those having investable assets over $1,000,000.

Customer Resources

If you want to receive professional guidance on improving your financial security in retirement, these resources can help you find a licensed advisor or agent.

American College

National Association of Insurance and Financial Advisors

National Association of Personal Financial Advisors

Bankers Life and Casualty Company


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