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Moms And Daughters Differ On Retirement Age Expectations

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Retirement-age mothers and working-age daughters agree on many points, but they disagree about how long many of the daughters will work.

Researchers at the MetLife Mature Market Institute, Westport, Conn., an affiliate of MetLife Inc., New York, have published figures supporting that conclusion in a summary of a recent survey of 510 U.S. mothers and 757 U.S. daughters.

All participants had to be born between 1926 and 1977.

Participants born before 1945 had to have annual household incomes of $20,000, and participants born from 1946 to 1977 had to have incomes over $40,000.

The mothers and daughters interviewed shared many opinions about retirement.

About 34% of the mothers, for example, said they are or would be using an annuity or other insurance product to fund their retirement, and 35% of the daughters said they expected to use insurance products as retirement funding vehicles.

The mothers and daughters also had similar ideas about the likelihood that daughters would retire before age 66: 58% of the mothers and 59% of the daughters said they thought the daughters would retire by age 66.

But only 20% of the mothers said they thought the daughters would retire at age 66 or later, compared with 35% of the daughters.

Researchers also found that mothers felt better about their own retirement years than the daughters felt about mothers’ retirement years.

Only 46% of the daughters said their mothers’ retirement experience has been excellent or very good, and 65% of the mothers characterized their retirement experience as excellent or very good.