“Buoyed by a growing economy and stock market gains, more Americans are feeling confident about their ability to afford a comfortable retirement, according to a long-running national survey released this week. Still, there are big gaps in confidence between workers who have a retirement plan, such as a 401(k), and those who don’t, according to Consumer Reports.”
If you’re retired or getting ready to be, odds are you’re unsure how you’re going to get vision insurance. That’s according to a recent survey commissioned by VSP Vision Care. A combined total of 332 retirees and pre-retirees participated in the survey.
“Unretirement is becoming more common, researchers report. A 2010 analysis by Nicole Maestas, an economist at Harvard Medical School, found that more than a quarter of retirees later resumed working. A more recent survey from RAND Corporation, the nonprofit research firm, published in 2017, found almost 40% of workers over 65 had previously, at some point, retired.”
The year 2030 marks an important demographic turning point in U.S. history according to the U.S. Census Bureau’s 2017 National Population Projections. By 2030, all baby boomers will be older than age 65. This will expand the size of the older population so that 1 in every 5 residents will be retirement age.
According to a new wealth study from MaritzCX, approximately 1/3 of affluent investors are convinced they will have no wealth left to transfer to their children and another 1/3 are unsure. In addition, approximately 4 in 10 affluent investors do not know if they will have enough money saved for retirement.
Planning for retirement is something that weighs heavily on the minds of many Americans. According to a new survey from TheStreet, nearly half (44%) worry that they are not doing enough to financially plan for retirement. Starting retirement savings at a young age is extremely important, but the survey found that 18-34 year olds are a bit mixed about their priorities.
The quest for “the good life” continues to drive Baby Boomers to sacrifice today, so that they can enjoy the finer things tomorrow. According to MainStay Investments’ Boomer Retirement Lifestyle Study, 76% of the Baby Boomers surveyed (age 45-65 that are not yet retired) say they are willing to spend less now to invest for a more comfortable lifestyle in the future. Forty percent of the Boomers surveyed said they will have to delay retirement in order to afford the lifestyle they want to live. Besides working longer, Boomers are saving more, adjusting their portfolio allocations, and seeking help from financial advisors–in that order. In addition, the majority of Baby Boomers believe that healthcare coverage, internet connection, shopping for birthdays and special occasions, and pet care are basic needs. And about half of those surveyed consider annual family vacation or weekend getaways, having eldercare/home aid, professional hair cut/color and funding children/grandchildren’s education to be basic needs as well.
The days of the defined benefit (DB) retirement plan are so over. In 1998, DB plans, a cornerstone in union heavy industries such as manufacturing and energy, comprised 4.19% of employer payroll costs. Ten years later, that amount dropped to 1.99%. In addition to the rapid shrinking of DB retirement plans, employers have made significant cuts to this benefit overall. Between 1998 and 2008, retirement benefits dropped 19%.