Retirement Satisfaction Statistics
In the last issue (#50), we suggested you Consider Your Post-Exit Options. In this issue, we will review some interesting Retirement Satisfaction Statistics.
A Favorite Famous Quote
"Retirement is when we can sit back, relax and enjoy the
fruits of our labor. But do we really need to wait for
retirement to enjoy these benefits, shouldn't we
begin to take control now?" Paul Clitheroe
Retirement Satisfaction Statistics
To achieve a satisfactory retirement, it is important to create a post-exit lifestyle that is rewarding, vital and perhaps provides challenges.
In 2011, SunAmerica, in collaboration with Age Wave, published the results of a national opinion telephone survey of 1,001 adults age 55 and over conducted by Harris interactive. The 2011 survey, titled The SunAmerica Retirement Re-Set Study, was an update to a landmark study of 1,003 adults age 55 and over conducted in 2001 by the same parties and titled "Revisioning Retirement." To help you understand factors that affect retirement satisfaction, both studies are worth reviewing and summary explanations can be found at http://www.icaa.cc/1-Organizationalmember/member_research/work/re-envisioning%20retirement.pdf.pdf (2001 study) and http://retirementreset.com/wp-content/uploads/2011/07/M5124RPT_07111.pdf (2011 study). Following are some interesting statistics from those studies.
These are responses from the 55 - 64 age group of pre-retirees in the 2001 study:
- 95% of those not retired who are planning to retire expect to work in some capacity
- 81% desire to continue to learn
- 70% desire to try new things
- 65% would like to travel
- 63% would like to devote themselves to a new hobby of interest
Following are key insight conclusions from the 2001 study:
- Retirement is no longer what it once was, a winding down . . . it now means new beginnings
- There are four distinct types of retirees, and some are more successful and satisfied with retirement than others
- In order to have a successful retirement, plan and prepare psychologically as well as financially
- Develop a strong and long-term financial plan - with professional assistance - in order to be most likely to achieve retirement freedom
The following passages and statistics are from the 2011 study:
- In 2001, most people viewed retirement as a winding down (22%) or a simple continuance of what life was (40%). Today, most (54%) view retirement as an opportunity for personal reinvention.
- Almost two-thirds (65%) say they would ideally like to include some work in retirement. Those age 55 – 64 are even more likely than those 65+ to say the ideal retirement includes work (77% versus 56%).
- The top reason people want to work during retirement is “the stimulation and satisfaction.”
- Only 4% say they want full-time work in retirement. Rather, people want to work in a more flexible and balanced fashion - and more on their own terms. A quarter want part-time work, but the biggest response (36%) came from people who want to go back and forth between periods of work and leisure to suit their new lifestyle needs.
- Retirement 3.0 (2011- ) A productive, purposeful and challenging new chapter in life -blending work and leisure - with opportunities for personal reinvention and continued social engagement.
- Achieving financial peace of mind has replaced wealth accumulation as today’s primary financial goal. People are now six times more likely to say their financial goal is “saving enough to have financial peace of mind” (82%) versus “accumulating as much wealth as possible” (13%). Moreover, unlike prior years, when people tended to focus on achieving high returns, protecting assets is now five times more important to investors than achieving higher-risk returns.
- Americans may not have as many years to save for retirement as they expect. Nearly half of today’s retirees retired earlier than planned, and of those who did, 41% did so because of unexpected health problems ....
- Many now recognize that retirement preparation is not a do-it-yourself project, and that they need guidance to set a new, more predictable path toward successful retirement.
- The percentage of people who have received professional financial planning assistance increased from 40% in 2001 to 49% in 2011.
- Of those who have used financial advisors, 68% report that having an advisor has been very helpful. Those who have received professional advice are: 72% more likely to feel financially prepared; 47% more likely to feel financially secure.
It's important for business owners to consider their post exit-options
These statistics are from surveys of the general population age 55 and over. Because of the emotional attachment to their business and the complexity of their financial situation, it's even more important for business owners to ......