New Study: What Do People Want in Retirement?

By Jan Cullinane
NABBW’s Expert on The New Retirement

A new study by Merrill Lynch in partnership with Age Wave, which  involved 6,300 people age 45 and over was recently released, providing interesting insights into what pre-retirees and retirees think about retirement.  Ten of the major findings:

  •  What’s the most important thing to pass on to future generations?  Answer: 74% said values and life lessons; 32% said money and real estate.
  •  Are you worried about outliving your assets?  47% said yes.
  •  What do pre-retirees think they will miss most about work when they retire?  The most popular answer was “reliable income.”
  •  What do retirees miss most about work when they retire?  The most popular answer was “social connections.”   
  •  More than half of pre-retirees planning to work in retirement said they would like to pursue an entirely different career.
  •  Top concerns about living a long life:  experiencing health problems, becoming a burden to others, and outliving their money.
  •  71% of people plan to work after leaving their primary career; 29% say they never want to work for pay again.
  • 58% of women and 56% of men retired earlier than they thought.  Biggest reason:  personal health issues, followed by believing they have enough money to fund their retirement.
  • Besides receiving financial advice, 45% said they would like help deciding where to retire.eldercare
  • Among those with children, 52% expect to provide some kind of support to their children, and 35% to their grandchildren.

 So, how do your answers compare?  This kind of date can provide interesting discussion and food for thought.  See the entire study, here.

Jan Cullinane is a speaker, author, consultant, and retirement expert. She has been featured on TV, radio, and in many newspapers and magazines. Clients include Ford Motor Company, Deloitte & Touche LLP, the federal government, the Smithsonian Institution, Wachovia Securities, and Wells Fargo Advisors. Jan has a bachelor’s and master’s degree from the University of Maryland. Her books include “AARP\’s The Single Woman\’s Guide to Retirement” (John Wiley & Sons), “The New Retirement: The Ultimate Guide to the Rest of Your Life” (Rodale), and “Retire Happy!” (Hallmark Gift Books). Jan lives in Palm Coast, Florida and can speak backwards fluently!  Visit Jan at http://www.jancullinane.com/.