Schwab Study Finds More Diligence in Retirement Savings
Investors are paying more attention to their retirement savings, according to the Real Life Retirement quarterly pulse survey conducted by Charles Schwab & Co., Inc.
More than half of all investors (52%) are getting more involved in retirement planning. According to a release of the results, self-reliance increased after hearing about experiences of a friend or loved one going through a personal financial crisis.
In addition, younger investors are saving more money now, taking advantage of their longer time horizon. Approximately half of Gen Y (48%) and Gen X (53%) have increased their retirement contributions.
Ninety-five percent of all respondents said they would not be willing to spend less in retirement, and in addition to planning and saving more, they are willing to work longer to make sure they don’t have to.
Among Older Boomers and Gen Y, 40% of both groups plan to postpone their retirement date. Compared to the previous survey, postponement declined among older generations (previously 61%) but rose for Gen Y (previously 28%), the study found.
Nearly half (47%) of workers aged 65 and older are prepared to work during retirement, compared to 10% and 11% among Gen X and Gen Y, respectively, and 20% of Baby Boomers.
The survey was conducted by Kelton Research among 1,000 Americans between October 28 and November 2.