Data Mine—October 2019

Survey

How Organizations Win When They Recognize and Support Caregivers and Employees With Disabilities

Published by Voya

Key Findings

• 83%  of caregivers reported that their caregiving responsibilities have caused them to take time off from work
• 56%  have cut back on work hours
• 31%  say they have left one job for another due to caregiving needs 
• 22%  stopped working entirely to provide care.

Full survey available here.

Related PLANADVISER Coverage

• Retirement Readiness Is Possible for Caregivers, But It’s Tough
• Familial Caregiving Impacts Many Clients’ Finances
• Planning for Long-Term Care Needed to Alleviate Burdens on Family Members

Survey

AIG Plan for 100 Elder Financial Abuse Survey

Published by AIG

Key Findings

Americans claim that if they were to fall victim to elder financial abuse, they would feel comfortable telling friends or family (81%) or a financial professional (80%), but in reality, the overwhelming majority of cases go unreported. Nearly one in three (31%) Americans would not know how to report an elder financial abuse incident.

Full survey available here.

Related PLANADVISER Coverage

• What to Do if a Client Shows Mental Dips
• How Retirement Plan Sponsors Can Address Cognitive Decline
• Longevity to Exacerbate the Challenges Retirees Face

Survey

How Do Retirees’ Spending Patterns Change Over Time? 

Published by Employee Benefit Research Institute

Key Findings

Those people ages 75 or older were spending on average a third less than those ages 50 to 64. However, while spending on housing, transportation, and food decreased with age, the share of household budget occupied by health care spending increased with age. The data show that for older households, the composition of spending is dependent on income level.

Full survey available here.

Related PLANADVISER Coverage

• Myths and Realities About Spending in Retirement
• Couple Retiring This Year Will Spend $285,000 on Health Costs
• Many Retirees Spending More Than They Expected

Survey

Employers: The Retirement Security Challenge

Published by Transamerica Center for Retirement Studies

Key Findings

Sixty-five percent of employers provide a 401(k) or similar plan. These plans are more common among large companies with 500 or more employees (88%) and medium-sized companies with 100 to 499 employees (85%), compared with small companies with fewer than 100 employees (60%), where the opportunity for expanding retirement plan coverage is most significant.

Full survey available here.

Related PLANADVISER Coverage

• State-Run Auto-IRAs Will Help Close the Coverage Gap
• Open MEPs Seen as a Promising Way to Narrow the Coverage Gap
• The Retirement Crisis Is a Coverage Crisis

Survey

2019 Lifetime Income Survey

Published by TIAA

Key Findings

• 69% of those who participate in an employer-sponsored retirement plan cite guaranteed income for life as one of their top two goals for their retirement
• 45% say that guaranteed income for life is their very top goal
• 56% say keeping their savings safe regardless of what happens in the market is one of their top two goals
• 60% of those who say they strongly value guaranteed income say this is because it provides a feeling of financial security
• 46% say purchasing lifetime income it makes it easier to save for retirement

Full survey available here.

Related PLANADVISER Coverage

• Rollovers Important to Retirement Income Adequacy
• Retirement Income Coming Soon to a 401(k) Near You
• How Home Equity Can Fuel Retirement Income

Data Mine – September 2019