RJ and Makay

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According to a survey from Ameriprise Financial, despite increased uncertainty about the economy and their own financial security, baby boomers continue to prioritize their family’s needs over their own.  While some baby boomers struggle to cover their own cost of living, they still strive to cover medical bills, college loans and utilities for their parents and adult children.

Almost two-thirds of pre-retiree households (age 55-70) do not have a professional financial advisor.  Of the one-third of households that do have an advisor, 54% feel confident that they will attain a retirement lifestyle of their choice, according to the Life Insurance and Market Research Association (LIMRA).

LIMRA’s findings indicate that of those pre-retirees who did not work with a professional financial advisor, three times as many felt unprepared for retirement as compared to those who worked with an advisor.

Nearly half of people between the ages of 45 and 65 say they don’t feel confident in their retirement planning, according to a poll by the Associated Press and LifeGoesStrong.com, a lifestyle website for Baby Boomers. Pre-retirees will therefore be counting heavily on Social Security to fund their retirement, the poll also shows.

Of the pre-retirees polled, 44% didn't feel confident about having enough money to live comfortably in retirement. When asked which income sources will be very or extremely important for them in retirement, 65% named Social Security. Here's how other key income sources ranked: