Close Close
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards

Retirement Planning > Retirement Investing

Mass Affluent Americans Push Back Retirement Date and Take Steps to Get on Track in Greater Numbers (Bank of America)

Your article was successfully shared with the contacts you provided.

According to the Merrill Edge Report, 57% of working mass affluent Americans expect to retire later than they planned, up from 21% in January 2011. The greatest financial concerns for this group include the rising cost of health care (89%), ensuring retirement assets last throughout their lifetime (83%), and being able to afford the lifestyle they want in retirement (80%). To help get back on financial track, 70% of mass affluent Americans took on home improvement projects last year over hiring someone. The Generation Y (age 18-34) portion of the mass affluent took on the most projects (84%) and also the most likely to manage their investments on their own (63%). Almost 80% of Gen Yers are apprehensive about caring for an aging parent compared to 49% overall. As a result, 71% of Gen Yers already expect to retire later than planned.