A majority of affluent baby boomers have yet to create a proper retirement plan, despite their intention to stop working soon, according to Phoenix Affluent Marketing Service.
In a survey of nearly 1,100 affluent baby boomer households, Phoenix found that, of those currently working, more than 80 percent have discussed retirement strategies with their financial advisor. But only four in 10 have yet to craft a formal, written retirement plan. Moreover, more than half of working baby boomers intend to retire within 10 years, Phoenix reported.
Roughly 45 percent of affluent boomers are currently working, 40 percent are retired and the remainder is either semi-retired or unemployed.
Phoenix also found that:
· The average high-net worth boomers household has $15.2 million in total assets.
· Average investable assets among these households is $9.9 million
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