As part of its retirement study, Merrill Lynch Wealth Management developed an index to measure the current level of national retirement peace of mind.
Based on averages of responses to five questions, the
national “Retirement Peace of Mind Index” at the time of the survey was
5.3 on a scale of 1-10. The index was calculated from responses to the
following survey questions:
- I feel content and comfortable about how I will spend my retirement years;
- I have many worries about what might happen during my retirement;
- Thinking about my retirement gives me feelings of security and stability;
- I feel anxious and uneasy about how I will support myself and my family during retirement; and
- I feel well prepared for whatever may happen during my retirement.
The survey from Merrill Lynch Wealth Management in
collaboration with Age Wave found retirement peace of mind varies by
gender, wealth, and use of a financial adviser. The index was 6.3 for
those who work with a financial adviser versus 4.7 for those who do not. “People definitely benefit from professional assistance when
it comes to saving for retirement. We found that those who use
professional assistance, such as advisers, were 1.5 times more likely to
get better results in planning and saving for retirement versus those
that tried to do it on their own,” said Ken Dychtwald, Ph.D., founding
president and CEO of Age Wave, during a press call.