Data & Research August 31, 2010

Schwab Finds Pre-Retirees not Panicked

The Charles Schwab Q3 Retirement Survey finds 54% of baby boomers ages 50 to 60 do not expect to delay their planned retirement date, despite the recent challenging economic conditions.
Reported by

Thirty-eight percent expect to retire later than they had originally planned. According to a press release, 88% of respondents indicated they expect to continue to work even after becoming eligible for full retirement benefits; however, only 28% cited “the need for more money” as the leading reason, while a quarter cited “a desire to remain active mentally, physically or socially.”    

Three quarters of respondents (74%) said they do not expect they will need financial support from others at some point during retirement, and more than half (54%) reported it is likely they will enter retirement debt free.   

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When asked what are the most important lessons they would like to teach younger generations about saving and investing, half suggested “live within your means,” followed by 30% who said “begin to save at an early age.” 
Products August 31, 2010

MetLife Offers Retirement Readiness Workbook

The MetLife Mature Market Institute is offering its “Retirement Readiness Workbook,” a free tool to help people prepare for and transition into retirement smoothly.
Reported by

The workbook has checklists and directives to assist people in assessing their own level of preparation and planning. According to a press release, it is divided into three parts: 1) 15 Tasks Toward a Successful Transition into Retirement, 2) Assessing Your Retirement Readiness, and 3) Taking Action.   

Users can score their own retirement preparedness and will then be directed to certain activities to help them improve their level of participation. Recommendations vary by the amount of time one has until retirement.   

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The announcement said the workbook focuses on the following issues:  

  • When to retire and the potential for transition to part-time work, 
  • How leisure and work will be balanced in retirement, 
  • How retirement will affect one’s relationships, 
  • How much money/income will be needed for retirement, and 
  • Contingency planning for the unexpected. 

 

The workbook (see “Retirement Readiness Workbook“) is a companion piece to the recently released study, “MetLife Retirement Readiness Index: Are Americans Prepared for the Transition?,” which found 52% of respondents are behind in their savings goals (see “MetLife Finds Americans not Prepared for Retirement“).  

 

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