Baby Boomers’ Biggest Worry Might Surprise You

Baby Boomers’ Biggest Worry Might Surprise You

According to the 10th annual John Hancock Financial Resilience and Longevity Report, 57 percent of Baby Boomers are worried about the upcoming election, followed by inflation/cost of living (47 percent), economic conditions (37 percent) and retirement savings (32 percent).

Go deeper: The report, based on a survey of John Hancock plan participants across multiple generations, finds that 60 percent of Baby Boomers have their debt under control and are comfortable with their emergency savings.

  • Baby Boomers aim to retire at 67, with the expectation of working an additional year to boost their savings.
  • Despite being satisfied with their retirement savings, 53 percent of Baby Boomers are worried about covering future medical expenses.
  • More than a third of Baby Boomers seek help with their retirement and financial planning needs — the most of any working generation.

What’s next: Earlier this year, John Hancock and its parent, Manulife, announced a five-year, multimillion dollar collaboration with MIT AgeLab to raise public awareness and drive innovation in how people prepare for longer lives.

Published by

Darryl Hicks

Darryl Hicks is Vice President of Communications for the National Reverse Mortgage Lenders Association. In this capacity, Hicks writes for NRMLA's publications, manages the association's web sites and social media accounts, assists committees and the Board of Directors, and manages the Certified Reverse Mortgage Professional designation. Prior to joining NRMLA in 1999, Hicks spent three years in the Washington, D.C. bureau for National Mortgage News.