The economy may be on the mend following the Great Recession, but Baby Boomers' retirement confidence is floundering, according to a study released Monday by the Insured Retirement Institute.
Only one-third of the 800 respondents said they had saved enough to retire comfortably, and just 35 percent expressed confidence in their financial preparation for retirement.
That compares with 34 percent and 37 percent, respectively, a year ago.
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Both indicators have edged downwards each year since IRI began tracking Boomers' expectations for retirement in 2011, when 37 percent said they expected to retire comfortably and 44 percent thought they had done a good job of preparing.
But IRI found slight improvements in some key measures, including the percentage of Boomers with retirement savings, their total savings and the number of Boomers with a retirement savings goal as well as a planned retirement age.
"One of the most striking developments since we began this research series is the decline in Boomers who did not know when they would retire," IRI President and CEO Cathy Weatherford said.
"That number has been cut in half. While the research shows that they are deciding to retire later in life, the important thing is that they are grappling with important aspects of retirement planning and beginning to develop a clearer picture of where they are and where they intend to be."
In addition, the report found that Boomers are beginning to show optimism that their financial situation could improve, with 42 percent expecting things to improve in five years, compared to 33 percent of Boomers who held this view in 2013.
Other key findings included that a quarter of Boomers postponed their plans to retire during the past year; 28 percent plan to retire at 70 or later; one in 10 Boomers prematurely withdrew savings from a retirement plans during the past year; 80 percent of Boomers have retirement savings; and about half of Boomers with retirement savings have $250,000 or more saved for retirement.
The IRI study is based on a survey of 800 Americans aged 51 to 67 and was released as part of National Retirement Planning Week 2014.
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