Victor Epstein

vepstein@dmreg.com

The erratic economic recovery hasn’t done much to boost baby boomers’ retirement confidence, according to the results of a new study released Monday by the Insured Retirement Institute.

Only 33 percent of the 800 respondents said they had enough salted away to retire comfortably and only 35 percent expressed confidence in their financial preparations for retirement. That compares with 34 percent and 37 percent a year ago. The two gauges have ticked down every year since IRI began tracking baby boomer retirement expectations in 2011, when 37 percent said they expected to retire comfortably and 44 percent thought they had a good job of preparation.

“With prices going up for groceries and gasoline and everything else the past few years, it feels like we’re on a slippery rock and the water level is rising,” said Steven Johnson, 59, of Des Moines. “I don’t know anyone who is doing better the past few years. I’ve got $7 in my pocket right now, and that’s my retirement savings.”

Johnson, a medical courier, said he considers himself fortunate because his employee health care benefits cover his thrice-weekly dialysis treatments. The south-sider and his wife both work.

Ten thousand baby boomers are now retiring every day and will continue to do so for the next 15 to 20 years as the nation’s largest generation ages out of the civilian labor force, according to Des Moines-based Principal Financial Group. Baby boomers account for about 76 million of the 318 million Americans, or about 24 percent of the U.S. population, and range in age from about 68 to 48.

The generation’s name is derived from the post-World War II baby boom, from 1946 to 1964.

IRI is a trade association for the retirement industry. A similar study conducted last month by the Employee Benefit Research Institute survey had a more optimistic result for retirement confidence.

Maggie Dietrich of Voya Financial said the difference between the two studies simply reflects the fact that the IRI study is focused on baby boomers, who are face to face with the consequences of their financial planning for retirement. The final five or 10 years of most careers are a key period for those looking to save for retirement.

For baby boomers, that period covers the Great Recession, which began in December 2007.

“Baby boomers are certainly in a different situation than those just starting out,” Diet­rich said. “The last five years before retirement are crucial because as people get closer to retirement, the reality of it really sinks in and they do tend to dial up their 401(k) contributions.”

Voya, which formerly was known as ING U.S., employs 400 workers in Des Moines and indirectly employs another 400 either as contractors or via its Cognizant business partner. Its total U.S. employment is about 7,000.

Fewer boomers expressed satisfaction with the nation’s economic fortunes in 2014 in the IRI study. The ratio of those describing themselves as satisfied fell to 65 percent from 77 percent a year ago.

Over the past 12 months, 20 percent of the IRI survey respondents said they had trouble paying the rent or mortgage. Twenty-one percent said they stopped contributing to their retirement plans, and 10 percent said they actually had to tap into them prematurely.

“I judge the economy by how often we go out to eat,” Johnson said, noting that he and his wife used to dine out once a week before the Great Recession. Now, they can only afford to eat out once a month.

“It’s been robbing Peter to pay Paul just to make ends meet,” he said. “And when something goes wrong — like a minor car repair that costs $200 — it can take you three or four months to recover.”