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BW/HARRIS POLL: NOTHING RETIRING ABOUT THESE RETIREES
Retirees used to be easy to spot--they were the older people who weren't
working anymore. You'll have a harder time making that distinction today.
Relatively affluent Americans 45 and older don't plan to retire until they're
63. But 75% intend to land a job after they leave their primary career. For
them, retirement promises flexibility, not unemployment. They'll work part-time
or consult--in large part to stay challenged, though they expect earnings from
such work to account for a quarter of retirement income. Almost all, though,
also intend to fit travel into their lives, and a majority expect to pursue
some education. Most are sanguine about their financial prospects. Given the
earnings from their post-retirement jobs and expected investment returns on the
order of 15% a year, only a quarter say they're worried about having enough
income. The biggest concern, by far: heavy medical expenses.
Note: This is an expanded, online-only version of the BW/Harris Poll that
appears in the July 20, 1998, issue of Business Week.
WORKING LONGER
At what age do you plan to/did you retire? (average)
NOT RETIRED RETIRED
63 54
BUSYBODIES
Which of the following best describes your employment expectations
after retiring/your retirement status?
NOT RETIRED RETIRED
Work in my former occupation,
at reduced hours and pay 15% 4%
Work full-time in a different occupation 2% 5%
Work part-time in a different occupation 28% 9%
Consult within my former industry 19% 8%
Consult in a different industry 1% 2%
Start a new business 10% 19%
Will not/do not work for pay 25% 53%
NOT JUST THE MONEY
Which of the following describes why you expect to continue/have
continued working after retirement? (multiple responses allowed)
NOT RETIRED RETIRED
I (will) need the money 43% 25%
I want to stay challenged and stimulated 85% 92%
I want to stay close to friends and 10% 13%
associates in my job
THE BIG PAY CUT
Approximately what percentage of your pre-retirement earnings do
you (expect to) earn from any work you take on after retirement?
NOT RETIRED RETIRED
38% 32%
THE INCOME PIE
What percentage of your retirement income do you (expect to) get
from each of the following?
NOT RETIRED RETIRED
Employer-sponsored pension or savings programs 28% 35%
Personal savings and investments 23% 25%
Social Security 21% 7%
Earnings from continued employment 15% 14%
Employer stock programs, including stock option 6% 2%
Inheritances 2% 1%
Other 5% 16%
ALLOCATED ASSETS
What percentage of your household's total assets does each of
the following account for?
NOT RETIRED RETIRED
Investment real estate 23% 15%
401k plans 20% 13%
Savings instruments and cash 12% 11%
Stocks 12% 16%
Mutual funds, excluding money market funds 12% 17%
Money market funds 3% 4%
Bonds 2% 5%
Other 16% 19%
GREAT EXPECTATIONS
Approximately what annual rate of return do you expect from your
investment in each of the following?
NOT RETIRED RETIRED
Stocks 16.1% 14.7%
Mutual funds, excluding money market funds 15.0% 18.9%
Investment real estate 13.4% 11.8%
Bonds 12.5% 12.8%
Money market funds 10.1% 8.7%
INVESTING ONLINE
Do you use or plan to use discount or online brokers do make stock
trades?
NOT RETIRED RETIRED
Use discount brokers 8% 11%
Use online brokers 10% 14%
Use both 34% 17%
Use neither 48% 58%
ME, WORRY?
How confident are you that you'll have enough income to retire on,
between your savings and investments, Social Security, and any
jobs you have in retirement?
NOT RETIRED RETIRED
Very confident 28% 65%
Somewhat confident 46% 30%
Somewhat worried 21% 4%
Very worried 5% 1%
MEDICAL JITTERS
What do you consider the biggest single threat to your financial
security in retirement?
NOT RETIRED RETIRED
Catastrophic medical expenses 46% 40%
Outliving your savings 16% 13%
Becoming disabled 15% 12%
Stock market crash 11% 31%
Losing your job 6% 1%
Supporting your children 5% 2%
Supporting aging parents 1% 1%
STAYING OR GOING?
When you retire, do you expect to live in a different region
from where you live now? (non-retirees only)
Yes 42%
No 58%
WHERE TO?
If yes, where do you expect to move in retirement?
Northeast 5%
Mid Atlantic 7%
Southeast 40%
Midwest 5%
Northwest 5%
West Coast 3%
Southwest 16%
Hawaii 1%
Overseas 6%
Not sure 12%
PREFERRED LOCALES
In retirement, do you expect to move to a city, a suburb,
or a rural location?
City 7%
Suburb 31%
Rural location 49%
Not sure 13%
THE NEW NEIGHBORHOOD
Among the following attributes, which is most important in
choosing a new place to live?
Cost of living 25%
Climate 25%
Proximity to family and friends 13%
Job opportunities 12%
Education systems 11%
Crime level 7%
Medical resources 5%
Cultural resources 2%
WANDERLUST
Please indicate whether, in retirement, you (plan to) participate
in the following forms of leisure travel:
NOT RETIRED RETIRED
Domestic travel 98% 96%
Independent travel 91% 87%
International travel 63% 60%
Cruises 59% 43%
Adventure travel 37% 15%
Recreational-vehicle touring 37% 29%
Bus tours 21% 8%
BACK TO SCHOOL?
How, if at all, do you plan to further/have you furthered your
education after retirement? (multiple responses allowed)
NOT RETIRED RETIRED
Pursue undergraduate degree 3% 1%
Pursue graduate degree 6% 2%
Audit college courses 12% 6%
Take adult education courses 29% 18%
Participate in Elderhostel program 14% 3%
Other education 23% 30%
None 39% 53%
LONG-TERM CARE
Have you purchased insurance for long-term medical care?
NOT RETIRED RETIRED
Yes 31% 38%
No 69% 62%
Online poll of 1,836 adults aged 45 and over with family incomes of $75,000 and
higher, including 281 retirees. Conducted for Business Week by Louis Harris &
Associates.
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Updated July 9, 1998 by bwwebmaster
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