National Retirement Planning Week is running from April 8-12. Many groups and companies have tried to support the awareness campaign by publishing the results of consumer and investor surveys, to find out what Americans are thinking, or trying not to think about, about preparing for post-retirement needs.
Here’s a look at some of the data three major organizations have published.
Insured Retirement Institute (IRI)
IRI has posted a major baby boomer survey white paper here.
IRI commissioned Woelfel Research Inc. to conduct an online survey of Americans ages 56 to 72. The sample included 804 people.
The survey uncovered consumers’ fear and confusion about where they would get retirement income.
The older the consumers were, the more they expected Social Security to be a source of guaranteed income: 94% of the oldest participants, in the 67-72 age group, said they were counting on Social Security income, compared with just 80% of the youngest participants, in the 56-61 age group.
The participants in the youngest age group were much more likely to describe their expected source of guaranteed income as “none”: About 8% of the youngest participants said they would have no guaranteed income, compared with 4% of the participants in the middle and oldest age groups.
The oldest boomers were also much more likely to see they would get income from annuities: About 21% of the oldest participants said they would get income from individual annuities, compared with 13% of the participants in the 62-66 age group, and just 11% of the youngest participants.
IRI also asked the participants without annuities why they have no annuities.
About 42% said they don’t have enough money to pay for annuities, but many participants cited knowledge-related reasons:
They don’t know anything about annuities: 26%.
They don’t like what they’ve read or heard about annuities: 16%.
No has ever discussed annuities with them: 12%.
Advisors said not to buy annuities: 6%.
Ameriprise Financial Inc. commissioned a survey of about 3,000 U.S. investors, ages 30 to 69, with at least $100,000 in investable assets.