Recently the EBRI published their Annual Retirement Confidence Survey (RCS) for 2014. The survey has been published for the last 25 years, and if you have the time, you can read all the previous surveys and compare them.
The RCS is, according to their website, “The longest running survey of its kind in the nation.” The survey is based on 1,000 random surveys of respondents who are over 25 years of age, which would include the Millennial Generation!
Fact Sheet #2 of the 2014 survey is about “The Changing Expectations about Retirement” and makes for very interesting reading. Fully 33% of workers report that they expect to retire after age 65 and 10% don’t plan to retire at all – according to those surveyed. I have previously posted an article/glob “Running From Retirement” on my website which confirms that people are indeed not rushing toward their golden retirement years
Reasons given for holding off on retirement: 25% cited ‘poor economy’ as the reason for postponing retirement and 18% cited ‘can’t afford to retire’. Another 6% cited ‘need to support/care for children/grandchildren as their main reason for delaying their retirement plans. Thus, potential retirees are not only concerned about their own financial security, but also concerned about the needs of their adult children and grandchildren.
An amazing 65% plan to work for pay in retirement. (You can read my previous articles/blogs about some of the interesting second careers that post-retirees are entering)
If you have questions about retirement planning, you can contact me through my website at
www.attorneybarbaradalvano.weebly.com or by email or text
Working To Preserve Your Wealth and Protect Your Future…in a Constantly Changing World.
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