No. That was the overwhelming answer given by financial advisors when asked if the concept of a “typical” retirement age is still relevant in the United States. “No” was also the simple answer of 86 percent of respondents to Brinker Capital’s Retirement Indicator for the first quarter of 2008.
In a cup-half-full vs. cup-half-empty finding, 46 percent of advisors said their clients were still on track to a timely retirement relative to their expectations of 10 years ago. Whether that is good news or bad news depends on whom is asked.
“We believe this statistic has powerful implications for the importance of good financial advice, staying the investment course and getting an early start to a systematic retirement-savings regimen,” says Brinker’s president, John Coyne. “The Retirement Indicator’s results provided a much more optimistic picture of America’s retirement landscape than we had initially anticipated.
The 54 percent of advisors who said their clients were off track in their retirement savings plans blamed it on:
- Starting to save too late — 63 percent.
- General procrastination — 55 percent.
- Not having access to financial advice — 23 percent.
When asked why they thought the concept of a traditional retirement age was not relevant, advisors responded:
- Traditional retirement is just an outmoded concept; people will work as long as they feel able — 59 percent.
- Serious retirement saving began too late for most Americans — 17 percent.
- People are living longer and are therefore working longer — 8 percent.
For more information on this survey, visit brinkercapital.com.