Bankers Life: More than 9 in 10 Retirees Flag Importance of Saving for Retirement Early

Nearly 4 in 10 retirees say that saving more money for retirement is the most importance advice they could impart to young people, according to a new report.

Bankers Life and Casualty Company Center for a Secure Retirement, Chicago, published this finding in a summary of results from survey of of 300 retirees between the ages 55 and 75 and with an annual household income between $25,000 and $75,000. Conducted in April 2012 by the independent research firm The Blackstone Group, the survey asked respondents open-ended questions about what they have learned in recent years and what real-world advice they would give to today’s younger generation.

When asked what they considered the most important advice about life that they would give to young people, 39% of respondents said saving for the future was the most important, followed distantly by being happy and living life to the fullest.  Other responses included (1) planning ahead for retirement; (2) finding something to do for work that they enjoy; (3) being responsible for their own life; and (4) expanding their education.  When asked about the most important financial advice they would want to pass along to others, 93% say it is important to start saving early.