Working Baby Boomers’ Knowledge of Retiree Health Benefits and Costs Page: 55
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(2008) found that workers prefer to receive retirement planning information via personal
interaction with educators and short workshops provided during the workday. Because
more retirees are managing their own retirement funds than in the past, inflation and the
risk of outliving retirement money because of longevity are important issues for retirees
to be educated about, according to Willett's research.
When asked about using the services of a professional financial adviser, 50% of
state and local government workers said they have received such advice in the past
three years (Yakoboski, 2011). Topics covered included asset allocation, how much to
save, the timing of retirement, drawing income from savings, and paying for health care
expenses in retirement. Cutler (2001) found that 54% of middle-age Baby Boomers
have never worked with a financial adviser, but mostly for reasons such as wanting to
do their own planning, not being worried about having enough money for retirement,
and not having enough money to invest with an adviser. A consumer study conducted in
May 2011 among married couples at least 46 years old showed that they struggle to
communicate with each other about retirement issues and with efforts to plan for and
manage their retirement finances (Fidelity Investments, 2011). Typical areas of
contention include when and where to retire and who will assume responsibility of their
joint retirement finances. Even with late-career workers, Willett (2008) found that 3 out
of 10 couples had discussed retirement plans "only a little" or "not at all."
Two retirement-planning activities which demonstrate that Baby Boomers
understand the need to take action to prepare for their health and finances in the future
include the purchase of (1) an annuity that will provide a regular source of income or (2)
a long-term care insurance policy. Although in 2008, 20.4 million of the 37.8 million55
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Henning, Janet L. Working Baby Boomers’ Knowledge of Retiree Health Benefits and Costs, dissertation, August 2012; Denton, Texas. (https://digital.library.unt.edu/ark:/67531/metadc149607/m1/63/: accessed April 19, 2024), University of North Texas Libraries, UNT Digital Library, https://digital.library.unt.edu; .