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.
