In order to help financial advisors face the challenges of serving the growing elder market, the Insured Retirement Institute released the report “Retirement Planning and the Elder Market: Advisor Strategies to Understand and Work with Senior Clients.”

The IRI report explores the challenges that advisors face in conveying pertinent information to older clients, a market segment that is growing in both number and net worth. The report found the highest median net worth is among individuals between ages 55 and 64 while senior citizens, aged 75 years and older, have a net worth nearly 20 percent higher than that of Boomers between ages 45 and 54.

Other findings include:

• The number of Americans between the ages of 55-59 grew 46 percent since 2000; the number in the 60-64 year-old segment grew 56 percent during the same period.

• There has been a 30 percent increase in the number of people who have reached age 85 over the past decade.

• Fewer than half (45 percent) of older Boomers have ever consulted a financial advisor.

• Only 58 percent have determined the amount of money they will need to save for retirement.

The key findings and analysis can be found at https://www.myirionline.org/eweb/uploads/research/Working%20with%20the%20Elder%20Market_FINAL.pdf.

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