The Boy Scouts of America’s motto is "Be Prepared." The motto was created by Robert Baden-Powell, an English soldier, in 1907 and published in Scouting for Boys in 1908. Be Prepared in Mind by having thought out beforehand any situation that might occur so that you know the right thing to do at the right moment and are willing to do it. Most international branches of the group use a close translation of that phrase. Most of the World Association of Girl Guides and Girl Scouts member organizations share the same mottoes.
Source: Bonner Foundation
Baby Boomers are retiring in droves. In 2024, more than 4 million Americans, approximately 11,000 per day, will reach age 65. According to Northwestern Mutual's 2024 Planning and Progress Report, this surge of future retirees will continue through 2027. However, unlike the Boy Scouts, the study shows that those nearing retirement are not adequately prepared as they transition to this next phase of life.
Baby Boomers, born between 1946 and 1964, and Gen Xers, born between 1965 and 1980, share that they are not confident they will be able to make a successful transition from work life to retirement life when that day comes. The 2024 Planning & Progress Study found that among generations closest to retirement, just half of Boomers (49%) and Gen X (48%) believe they will be financially prepared when the time comes.
On average, Gen X believes there is a 42% chance they could outlive their savings, while Boomers put the probability at 37%. What is more startling is that despite these fears, more than 1/3 of each age group has done nothing so far to address these issues. Looking at their answers to other questions from the survey in the chart below does not provide much more hope or optimism for many retiring soon.
Source: Northwestern Mutual's 2024 Planning and Progress Report
When you consider the amount of information and additional resources available in today's world, it is incredible that so few have taken steps to prepare for retirement more confidently. This reminds me of when I was interviewed for an article by Cleveland Magazine in 2007. Having started my career in 1987, the reporter asked me how things had changed during the 20 years I had been a financial advisor. After thinking about it for a moment, I shared the following:
“In 1987, one of my primary jobs was to provide people with information about what financial tools and solutions might be available to help them. Remember, at that time, there was no CNBC. Al Gore had not yet invented the Internet. Mutual fund prices were printed once a week in the newspaper. By 2007, part of my job had morphed into helping people sift through the mountains of available information to determine what was relevant to their situation. Remember, there is a big difference between access to information and the wisdom to know how to apply it. All modems should have a warning label, “wisdom sold separately.”
Thankfully, if you are a client of Impel Wealth Management, you have a trusted advisor relationship with a Certified Financial Planner. However, as the study above shows, many people are not in the same situation. I want to remind you that as we approach the holidays and you have the opportunity to talk with friends and loved ones, if they have some of the same fears and anxieties exhibited in Northwestern Mutual’s study, we are here to help.
For those who would like to get a better handle on whether they are on track to meet their retirement goals, I would like to remind you about our Second Opinion Service. When taking on a home remodeling project or facing a medical diagnosis, it’s common to gain a trusted, second opinion before making a final decision. In this challenging economy, they may have complex questions or are just unhappy with the advice they are receiving from their financial advisor. It’s not uncommon. If they are ready for another perspective on their financial plan, they can click the link below to connect with our experienced team.
https://www.impelwealth.com/second-opinion
Source: ImpelWealth.com
We trust that you are much more confident about your retirement future and investment plans than those surveyed above. Like the Boy Scouts, we want you to “Be Prepared” for your ideal financial future. Our team's mission is to help you continue “Moving Life Forward.”
© 2025 Jesse Hurst
Senior Wealth Manager
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