BOOMER EXPECTATIONS FOR RETIREMENT NINTH ANNUAL UPDATE ON THE RETIREMENT PREPAREDNESS OF THE BOOMER GENERATION INSURED RETIREMENT INSTITUTE

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1 BOOMER EXPECTATIONS FOR RETIREMENT 2019 NINTH ANNUAL UPDATE ON THE RETIREMENT PREPAREDNESS OF THE BOOMER GENERATION INSURED RETIREMENT INSTITUTE APRIL 2019

2 ABOUT THE INSURED RETIREMENT INSTITUTE: The Isured Retiremet Istitute (IRI) is the leadig associatio for the retiremet icome idustry. IRI proudly leads a atioal cosumer coalitio of more tha 30 orgaizatios ad is the oly associatio that represets the etire supply chai of isured retiremet strategies. IRI members are the major isurers, asset maagers, broker-dealers/distributors, ad 150,000 fiacial professioals. As a ot-for-profit orgaizatio, IRI provides a objective forum for commuicatio ad educatio, ad advocates for the sustaiable retiremet solutios Americas eed to help achieve a secure ad digified retiremet. Lear more at Lear more at IRI All rights reserved. No part of this report may be reprited or reproduced i ay form or used for ay purpose other tha educatioal without the express writte coset of IRI. Isured Retiremet Istitute 2

3 OVERVIEW This is the ith year of the IRI baby boomer study, ad how thigs have chaged for this geeratio sice the series started! I the iaugural study coducted i 2011, oly 19 percet of survey respodets were retired from their primary occupatio; today, 47 percet are retired. This equates to approximately 34 millio retired baby boomers i Accordig to data from the U.S. Cesus Bureau, i 2030 (whe all boomers will have reached age 65), oe i five U.S. residets will be of retiremet age. Ad as the IRI baby boomer report has cosistetly show, boomers are largely uprepared for retiremet: urealistic i their expectatios, ad uder-saved. I fact, 45 percet have o retiremet savigs. Alarmigly, may of those with savigs are either uwillig to egage i actios that ca esure efficiet ad sustaiable icome is created from their savigs, or uaware of the eed to take such actio. For example, youger boomers are less likely to have or expect pesio icome tha older boomers yet are also less likely to ow auities, which could provide them with pesio-like secure lifetime icome. However, there are bright spots, especially for those boomers still i the work force while higher wealth certaily helps, it is professioal advice ad guidace, ad owership of auities, that traslate ito security ad peace of mid. THE BIG TAKEAWAY: ANNUITIES DRIVE CONFIDENCE IN RETIREMENT SAVINGS SUSTAINABILITY OWN ANNUITIES 85% 78% 65% 54% 45% FOR LIFE 46% 37% 29% 21% 18% DO NOT OWN ANNUITIES Percetage of boomers who believe their retiremet savigs will last AGE Percetage of boomers who believe their retiremet savigs will last 1 Boomer Expectatios for Retiremet 2019

4 KEY FINDINGS Oe-third of baby boomers pla to retire at age 70 or older, or ot at all. Oe-third of employed boomers ages postpoed retiremet. Boomers with fiacial advisors ad/or who ow auities are two to three times more likely to believe they did a effective job plaig for retiremet, ad that their icome will last throughout retiremet. Seve i 10 boomers who work with fiacial advisors have calculated a retiremet savigs goal, versus 25 percet of those without a fiacial advisor. Boomers with fiacial advisors are three times as likely tha those without to say they eed a fiacial advisor to help them perform tasks related to plaig for retiremet, such as selectig ivestmet ad isurace products. Seve i 10 boomers with fiacial advisors ad six i 10 auity owers feel excited ad cofidet or happy ad cautiously optimistic about retiremet, compare to oe-third of boomers without advisors ad four i 10 who do ot ow auities. Boomers with fiacial advisors are three times as likely, ad auity owers more tha twice as likely, as those without advisors ad/or who do ot ow auities to believe they will be more secure i retiremet tha the average America. Isured Retiremet Istitute 2

5 More tha four i 10 boomers erroeously believe Medicare will cover log-term care costs. Oly 23 percet of boomers ages expect to receive icome from a private compay pesio pla. Oly 55 percet of Boomers have ay moey saved for retiremet, ad almost oe-half of the 45 percet who do ot have retiremet savigs did have savigs at oe time. Oly 16 percet of boomers who have ot purchased a auity have ot doe so because of a egative perceptio of the product. Four i 10 boomers pla to access their retiremet savigs as eeded to pay for basic expeses i retiremet, compared to oly six percet who pla to purchase a auity. Eight i i 10 boomers believe it is very (60%) or somewhat (21%) importat for icome sources to be guarateed for life. Six i 10 boomers have take o actio with their workplace defied cotributio plas. Boomers most frequetly rate guarateed icome ad guaratee of pricipal as the two most importat traits of a retiremet asset, ahead of traits such as rate of retur ad past performace. 3 Boomer Expectatios for Retiremet 2019

6 BOOMERS AND RETIREMENT PLANNING A critical decisio Americas must make about retiremet is whe. At average aual spedig for ages 65 to 74 of over $55,000 1, retirig at 65 versus 70 meas more tha a additioal $275,000 i icome must be geerated from a combiatio of Social Security (which is ot maximized util age 70), pesio (if ay), ad persoal savigs. Figure 1 shows that oly 26 percet of boomers pla to retire at age 70 or older, ad others are usure whe they will be able to retire or pla to work util they die. Retiremet age rages amog boomers have ot varied tremedously from year to year sice the boomer research series bega, though there has bee a icrease of about five percet i those retirig prior to age 65. This is likely due at least i part to ivolutary retiremet. As this year s fidigs show, may of those who pla to retire prior to age 70 may ed up delayig retiremet, provided they are healthy eough ad have market opportuity, i order to achieve parity betwee expected expeses ad potetial icome. Figure 1: Plaed Retiremet Age Prior to age 65 Age Age 70 or older Never Do t kow Isured Retiremet Istitute 4

7 While most have a retiremet age i mid, Figure 2 reveals that oe-third of the oe i 10 who do t kow whe they will retire say it is because they do t kow if their retiremet savigs will be eough. As other survey fidigs will idicate, perhaps more boomers should share this cocer. Workers ted to overestimate the age at which they will retire, with 31 percet sayig they pla to retire at age 70 or older, while oly 7 percet of retired workers report retirig at or above age However, for some boomers cotiuig to work is ot part of their origial pla. Figure 3 shows the percetage of boomers who have postpoed retiremet, which rises from 16 percet at the yougest ages to oe-third of boomers still workig at ages 67 to 72. Figure 2: Reasos for Postpoig Retiremet Figure 3: Percetage of Boomers Postpoig Retiremet 1 Not i workforce other tha due to retiremet Yes No N/A 1 5 Boomer Expectatios for Retiremet 2019

8 Stayig o track for the retiremet oe wats to experiece requires creatig a pla ad settig goals. A good proxy for gaugig the extet to which boomers are really plaig for retiremet versus wigig it is whether they have set a goal to reach a certai amout of retiremet savigs by their expected retiremet age. Fiacial advisors ca help boomers calculate a achievable, realistic savigs goal by helpig them figure out what their costs will be i retiremet, icludig two categories of retiremet expeses that are likely to be sigificat: health care ad log-term care. I Figure 4, boomers workig with fiacial advisors are far more likely to have calculated a retiremet savigs goal. Figure 4: Calculatio of Retiremet Savigs Goal Calculated Savigs Goal Icludes Health Care Icludes LTC However, while boomers workig with fiacial advisors are three times more likely to have calculated a retiremet savigs goal, factorig i expected health ad log-term care costs is less commo. These costs ca have a serious impact o a fiacial pla. A average healthy 65-year-old couple retirig i 2018 could expect to pay $363,946 ($537,334 future value) i lifetime Medicare ad supplemetal isurace premiums ad out-ofpocket costs, ad this amout does ot iclude the cost of log-term care. 3 Someoe turig 65 today has a almost 70 percet chace of eedig some type of log-term care services 4, ad the atioal average cost of a semi-private room i a ursig home was $89,297 i Helpig cliets uderstad the implicatios of health ad log-term care expeses for their savigs goals, ad for their retiremet security, represets a opportuity for advisors who are ot icorporatig such expeses ito their plaig process to ehace the services they provide to their cliets. I Figure 5, the umber oe reaso boomers calculatig savigs goals do ot iclude these costs is that they expect Medicare to cover them a erroeous assumptio o both couts, ad especially for log-term care, for which Medicare provides o coverage. The secod most commo aswer is simply that they are usure of the costs ivolved ad/or they do t kow how to calculate them a powerful value-added service for advisors to provide. Isured Retiremet Istitute 6

9 Figure 5: Reasos Health Care ad Log-term Care Not Factored Ito Savigs Goal Health Care Log-term Care A iterestig aspect of boomers relatioships (or ot) with fiacial advisors is the perceptio of the eed for the assistace of a advisor i various aspects of the retiremet plaig process. I Figure 6, boomers who maitai a relatioship with a fiacial advisor are three times as likely to say they eed a advisor s help with a plaig step versus those who do t work with a advisor. Iterestigly, decidig whe to claim Social Security is the least likely actio either group says they eed assistace performig, whe i fact determiig the best time to claim Social Security is depedet o may variables, ca be quite complicated ad is best doe as part of a comprehesive retiremet pla to esure beefits are optimized. Figure 6: Likely to Need a Fiacial Advisor (FA) to Execute Retiremet Step Work with FA Do Not Work with FA 7 Boomer Expectatios for Retiremet 2019

10 Figure 7 shows that most Baby boomers who work with fiacial advisors have the most importat retiremet plaig steps, such as creatig a pla for retiremet icome, settig a savigs goal, ad developig a Social Security claimig strategy, icluded i their overall fiacial plas (commoly provided services like ivestmet selectio were ot icluded i this questio). However, as i Figure 4, plaig for health ad log-term care are areas where more advisors should provide guidace. Figure 7: Elemets Icluded i Fiacial Pla Prepared by Fiacial Advisor Isured Retiremet Istitute 8

11 RETIREMENT CONFIDENCE Fiacial advisors provide baby boomers with the guidace, products, strategies ad tools they eed to avigate retiremet, but the relatioship also results i boomers feelig more cofidet i their ability to be successful i retiremet tha their couterparts who do ot work with advisors. Similarly, owig auities, which provide a source of guarateed lifetime icome, is also correlated with icreased cofidece about key aspects of retiremet. Figure 8 compares boomers with ad without fiacial advisors ad/or auities, revealig that at least twice as may boomers with advisors are cofidet i most major aspects of retiremet ad retiremet plaig. Ad while it is cocerig that oe-half or more of boomers with fiacial advisors are ot cofidet about may aspects of retiremet ad retiremet plaig, it is importat to remember that eve those with retiremet savigs have largely ot saved eough to be ucocered about ruig out of moey or havig their retiremet plas impacted by highly variable health ad log-term care expeses. Similarly, while auities ca provide a secure source of lifetime icome, somethig like a log-term care evet ca still result i extreme fiacial hardship. Amog those ot cofidet they did a good job preparig for retiremet, the top two thigs they wish they had doe differetly were to have saved more (63%) ad to have started savig earlier (58%). They were far less likely to wish they had take specific actio such as cosultig a fiacial advisor (11%). Iroic, as cosultig a advisor may well have resulted i earlier ad greater savig. Figure 8: Cofidece i Key Aspects of Retiremet ad Retiremet Plaig Work with FA Do Not Work with FA Ow Auity No Auity 9 Boomer Expectatios for Retiremet 2019

12 Logevity risk is a importat cocept i retiremet plaig; livig to a advaced age without guarateed sources of lifetime icome beyod Social Security is a upleasat reality to cotemplate. I almost oehalf of 65-year-old married couples, oe parter will survive to at least age I light of this probability of logevity, how log boomers thik their savigs will last has implicatios for how much they will ejoy their retiremet free from the worry that they will exhaust their fiacial resources ad be forced to subsist o Social Security beefits aloe. Figure 9 shows the cofidece boomers have that their savigs will last util successive age milestoes. While it should be expected that cofidece decreases at older ages, both fiacial advisor relatioships ad auity owership are strogly correlated with belief that retiremet savigs will ot be completely depleted. Also ote that those boomers who are already retired are more likely to believe their savigs will last. There are several possible reasos for this, for example those with more wealth may be more likely to be retired ad therefore more likely say they feel cofidet about their savigs. Additioally, the attitudes of pre-retirees may reflect a fear of the ukow whereas those boomers who are already retired have adjusted ad may feel more cofidet i their predictios. Figure 9: Cofidece Retiremet Savigs Will Last Util Age Milestoes Work with FA Do Not Work with FA Ow Auity No Auity Retired Still workig A more psychological measure of retiremet readiess is how boomers feel about eterig retiremet. Here agai there is strog correlatio betwee positive feelig about retiremet ad the use of fiacial advisors ad/or owership of auities. Figure 10 shows that almost seve i 10 boomers who work with advisors, ad more tha six i 10 who ow auities, have positive feeligs about retiremet. Coversely, just over oe-third of boomers without fiacial advisors, ad four i 10 who do ot ow auities, feel positive about retiremet. Isured Retiremet Istitute 10

13 Figure 10: Cofidece About Trasitioig to Retiremet Work with FA Do Not Work with FA Ow Auity No Auity Figure 11 shows that boomers with advisors ad/or auities are far more likely to feel they have more retiremet security tha other groups, such as their parets, childre, peer groups, ad the average America. Figure 11: Perceptio of Havig More Retiremet Security Tha Other Groups Work with FA Do Not Work with FA Ow Auity No Auity 11 Boomer Expectatios for Retiremet 2019

14 RETIREMENT EXPECTATIONS So, what are some of the factors cotributig to boomers lack of cofidece i their ability to retire comfortably, ad realize a sustaiable icome throughout their retiremet years? While idividual circumstaces are uique ad all or oe of these may apply to a specific perso, there are several itercoected dyamics that will impact millios of boomers: Urealistic expectatios regardig the extet of their ability to egage i discretioary spedig. Ucertaity ad uderestimatio of the potetial amout of their icome that will be cosumed by health care ad log-term care expeses. Misuderstadig what services Medicare ad Medicaid will cover, ad uder what circumstaces. No or low retiremet savigs. Uderestimatio of the amout of aual retiremet icome they will eed. Pesios fadig rapidly from the retiremet ladscape. A discoect betwee the desire for sources of guarateed lifetime icome ad a uderstadig of how to create guarateed lifetime icome from retiremet savigs. Isured Retiremet Istitute 12

15 Figure 12 breaks dow boomers expectatios regardig their spedig i retiremet. A few thigs to ote i this chart: The much larger umber of boomers who work with fiacial advisors ad/or ow auities who are cofidet they ca ejoy some or a sigificat amout of travel ad leisure The very low istace of boomers with advisors ad/or auities beig worried or very worried about payig for basic expeses. The still sigificat umber of boomers, about four i 10, without fiacial advisors or auity icome who believe they will be able to cover basic expeses ad some level of travel ad leisure. For some, such as the few with very high levels of savigs or who are expectig pesios, this might be realistic, but recall Figure 4 showig oly 25 percet of these boomers have calculated a savigs goal. Figure 12: Retiremet Budget Expectatios Work FA Do Not Work With FA Ow Auity No Auity I Figure 13, more tha 50 percet of boomers believe health care costs will cosume 20 percet of their icome, or less. However, aalysis by HealthView Services estimates that a healthy 66-year-old couple who retired i 2018 would eed 48 percet of their lifetime Social Security beefits to address total lifetime health care expeses. With early oe-half of Social Security lost to health care, supplemetal icome from pesios (for the fortuate few) ad savigs would eed to be substatial for health care to be 20 percet, or less, of total icome. 13 Boomer Expectatios for Retiremet 2019

16 Figure 13: Expectatio of Health ad Log-term Care Costs as a Percetage of Retiremet Icome Health care Log-term care Figure 14 shows the likelihood of boomers usig the types of isurace products ad tools that ca potetially help mitigate the impact of health ad log-term care costs, as well as those that help them address other retiremet eeds such as estate plaig ad esurig cotiued icome for spouses or other family members. With almost oe-half of boomers retired, it is ot surprisig to see a high level of Medicare erollmet, but ufortuately relatively low istaces of the use of other isurace are observed. Health Savigs Accouts (HSAs), for example, provide a triple tax beefit (cotributios are pre-tax, iterest ad earigs are ot taxed, ad distributios are ot taxable if used for qualifyig health care expeses) but are poorly uderstood ad ot yet widely owed, i part due to the requiremet that a cotributor to a HSA be erolled i a high-deductible health pla. 8 Figure 14: Owership Levels of Expese Maagemet Tools ad Isurace Isured Retiremet Istitute 14

17 Log-term care suffers from a particularly perilous miscoceptio. I Figure 15, almost oe-half of boomers believe Medicare will cover their log-term care costs, but this is ot the case. Ad while log-term care isurace is a expected source of coverage for more tha oe i four boomers, oly 8 percet say they ow a logterm care policy (see Figure 14). This likely meas that boomers ited to purchase a log-term care policy i the future, but may may ot be aware that log-term care ca be difficult to qualify for, ad prohibitively expesive. Roughly four i 10 boomers describe their health as good, fair, or poor (versus very good or excellet), a group that may have difficulty qualifyig for log-term care isurace. The average aual log-term care policy premium for a 60-year-old couple was $3,490 9, or at best almost 5% of gross icome (ad eve more of et icome) for the two-thirds of boomers earig (or receivig i retiremet) less tha $75,000 a year. Hybrid solutios, such as log-term care riders o auity products, ca be good alterative optios. Figure 15: Expected Sources of Log-term Care Cost Coverage 15 Boomer Expectatios for Retiremet 2019

18 RETIREMENT SAVINGS AND INCOME As oted earlier, 45 percet of boomers have o retiremet savigs. I prior years boomers were simply asked whether they had retiremet savigs; this year they were asked whether that meat they had ever saved for retiremet, or whether they had savigsv but either fully depleted those savigs for retiremet icome or were forced to use those savigs for other purposes prior to retirig. The results are tellig, with Figure 16 showig that almost oe i five boomers had retiremet savigs at some poit, but o loger do. Boomer research i 2020 will examie the reasos why those accouts were depleted. Figure 16: Have Retiremet Savigs Yes No ad ever have No but oce did Do t kow Ufortuately, havig retiremet savigs does ot put most boomers i the clear with regard to retiremet security. Figure 17 shows that most have modest savigs, with oly oe-third havig retiremet savigs of $250,000 or more. To put that i cotext, a immediate life auity purchased by a 65-year-old couple would provide about $14,000 i aual lifetime icome 10 ; coupled with the average Social Security beefit of $28,000 that couple would have a aual icome of approximately $42,000 a year, well below the $55,000 spet by Americas i the age rage. 11. Isured Retiremet Istitute 16

19 Figure 17: Retiremet Savigs Levels The precedig exhibits reveal a precarious balace, ad for may boomers a serious imbalace, betwee expected sources ad amouts of retiremet icome ad the expeses boomer retirees will likely face durig their retiremet years. Of major cocer, the, is how boomers ited to use their savigs (to the extet they have savigs) to help them meet those expeses i.e. esurig that their savigs produce sustaiable icome as opposed to beig used to purchase a boat o retiremet day oe. Figure 18 shows that, as i prior years, the most prevalet approach boomers pla to take for usig their savigs durig retiremet is to simply withdraw moey from savigs whe they eed it. Coversely, oly six percet pla to purchase a auity. Aother eight percet say they would use a lifetime icome optio i their pla, but at preset this is ulikely to be available to most workers. The withdraw as eeded method is perilous, as it is ivariably a haphazard approach to usig retiremet savigs. Figure 18: Plaed Methods of Accessig Retiremet Savigs Withdraw as eeded for basic expeses Withdraw oly for emergecy or lifestyle expeses Full IRA rollover Partial IRA rollover Use a portio to purchase auity Use workplace lifetime icome optio Do't kow 17 Boomer Expectatios for Retiremet 2019

20 However, ecouragigly Figure 19 shows that six i 10 boomers have ot take ay actio with their workplace defied cotributio (DC) plas, either because they have ot retired, or they do t kow how to go about it. This is a extraordiary opportuity for fiacial advisors to coect with retirig DC pla participats ad provide them with the tools ad guidace they eed to produce sustaiable, lifetime icome from their savigs. Figure 19: Actios Take With Workplace Defied Cotributio Pla Figure 20 brigs the precedig charts ito sharp relief. Oly 30 percet of boomers believe they will eed $55,000 or more i aual retiremet icome, i today s dollars. With $55,000 as the average spet by Americas age 65-74, may boomers will have a higher icome eed tha they project. Figure 20: Expected Aual Retiremet Icome Need 44% Less tha $35k $35k to $55k $55k to $75k More tha $75k Isured Retiremet Istitute 18

21 Figure 21 highlights the rapidly disappearig defied beefit pesio. I 2018, oly 17 percet of private idustry workers had access to a pesio, ad amog youger boomers oly 23 percet expect icome from a compay pesio i retiremet, versus 38 percet of older boomers receivig or aticipatig a pesio. Paradoxically, auity owership is highest amog those boomers who are the most likely to have pesios; possibly a familiarity with the cocept of lifetime icome paymets made them more receptive to the idea of purchasig their ow auities to provide additioal guarateed lifetime icome. Figure 21: Expected Source of Guarateed Lifetime Icome by Age Group Age Age Age Figure 22 explores why auity owership is relatively low despite demostrable icome gaps. About as may boomers say they do t have eough moey to purchase a auity as say they have o retiremet savigs, a ufortuate reality. However, it is more commo for boomers to say they simply do t kow aythig about auities tha to be biased agaist them, ad this is a opportuity for the isured retiremet idustry ad for fiacial advisors. Similarly, some of those who feel they do ot have the logevity potetial for a auity purchase to make sese may be overlookig the possibility that medical advaces will result i them livig loger tha they expect, ad that medically uderwritte auities may icrease paymets to the poit where a auity purchase becomes attractive. Figure 22: Reasos Cited for Not Owig Auities 19 Boomer Expectatios for Retiremet 2019

22 Figures 23 ad 24 represet the coudrum ofte observed i research that explores cosumer receptivity to auities. Both charts show the importace people attach to retiremet icome, ad i particular that such icome be guarateed, both i absolute terms ad as a feature of a retiremet product i which they would ivest their moey. However, as the precedig exhibits, ad other IRI research, have show, may are ufamiliar with ad ot purchasig auities. Figure 23: Importace That Icome Sources be Guarateed for Life Figure 24: Most Importat Trait of a Retiremet Asset Isured Retiremet Istitute 20

23 OTHER BOOMER INSIGHTS The top two resposes regardig actios boomers pla to take if they ru out of moey durig retiremet are to dowsize i order to get by o Social Security aloe (58%) ad/or attempt to retur to work (37%). Oly six percet said they would ask their childre for fiacial assistace. Approximately oe-third of boomers have take steps to protect themselves i the evet they experiece some form of cogitive declie, such as creatig a writte documet detailig their wishes ad appoitig someoe to maage their affairs. Over 80 percet of boomers believe they live withi their meas, though about oe i five say they sometimes get behid o bills. Seve i 10 believe they are adequately isured, yet they are ot isurig oe of their biggest risks maitaiig icome throughout retiremet. Tax deferred earigs is also a key aspect of ivestmet products for boomers. About six i 10 boomers say tax deferral is very (29%) or somewhat (29%) importat whe selectig a retiremet ivestmet product CONCLUSION Baby boomers, particularly those who are youger ad still workig, face a urget eed to save more ad create fiacial plas for retiremet. Most will ot have pesios, so it is imperative that they maximize Social Security, create guarateed lifetime icome from their savigs, become realistic about their retiremet budgets, ad employ isurace protectio ad fiacial maagemet tools to mitigate the risk that health care ad log-term care costs will erode their savigs ad icome. METHODOLOGY The Isured Retiremet Istitute (IRI) commissioed Woelfel Research, Ic. to coduct a survey of idividuals broadly defied as members of the Baby Boomer geeratio. The research was coducted by meas of iteret iterviews with 804 Americas aged The results were weighted by age ad geder to the 2015 America Commuity Survey. Data were collected from February 11-15, The margi of error for the sample of 804 was 3.5%. REFERENCES 1 Bureau of Labor Statistics 2 Employee Beefit Research Istitute ad Greewald & Associates, 2018 Retiremet Cofidece Survey. 3 Healthview Services: 2018 Retiremet Health Care Costs Data Report 4 Geworth Cost of Care Survey LogTermCare.gov (U.S. Departmet of Health ad Huma Services) 6 Putam Ivestmets, Five thigs you eed to kow about optimizig Social Security (2018) 7 Society of Actuaries Logevity Illustrator 8 IRI/LIMRA, Health Savigs Accouts: A Emergig Retiremet Plaig Strategy (2018) 9 America Associatio for Log-Term Care Isurace (2018) 10 CANNEX Fiacial Exchages 11 Bureau of Labor Statistics 21 Boomer Expectatios for Retiremet 2019

24 Isured Retiremet Istitute (IRI) 1100 Vermot Aveue, NW 10th Floor Washigto, D.C P F /19