Tampa (FL) based Study Hall Research has conducted a nationwide study about retirement planning.
The following are key findings from a survey conducted with a random sample of Americans aged 25-64 during June 18-24, 2013 by Study Hall Research. The online survey was distributed to 8,000 adults. The margin of error for the full survey is plus or minus 3.14 percentage points.
Incidence & Sources of Retirement Savings
77% of Americans are currently saving for retirement.
Of those who are currently saving:
84% use employer-sponsored retirement savings plans such as an IRA or 401k, etc.
50% percent use personal retirement savings plans such as Stocks or Mutual Funds, etc.
8% use ‘Other’ methods.
Retirement Savings Goals
Regardless of whether or not they are currently saving, all participants were asked their investment goal by their planned retirement age.
More than half indicated they have savings goals of $500,000 or more.
However, another third are currently and significantly underplanning, with retirement goals of $250,000 or less.
Retirement Savings to Date
Participants who indicated they are currently saving for retirement were asked for their reported savings to date.
57% reported less than $50,000 in total savings to date.
Nearly three quarters (71%) of the sample report less than $100,000 saved for retirement to date.
Other Areas of Retirement Funding
All participants were asked about other specific areas of retirement funding, including Inheritance, Personal or Commercial Property Ownership, or Ownership or Partnership in a Business.
41% indicated they are expecting Inheritance at some point in their life.
53% indicated they own Personal or Commercial Property.
9% indicated they have Ownership or Partnership in a business.
Participants were asked how much each funding source will contribute to their investment goals.
More than half of participants indicated that these ‘other areas of retirement funding’ will contribute less than $100,000.
Retirement Age and Lifestyle after Retirement
51% of Americans indicated they plan to continue working after age 65.
Participants were also asked how they plan on living after retirement. Participants that are still working and those that are retired were nearly split when asked how they plan on living after retirement:
47% indicated ‘Currently working and plan on living the same lifestyle I currently am once I retire.’
43% percent indicated ‘Currently still working and plan on living on a more streamlined budget once I retire.’
5% indicated ‘Currently retired and live the same lifestyle as when I was still working.’
5% indicated ‘Currently retired and live on a more streamlined budget than when I was still working.’
Demographics
Employment Status
66% Employed Full Time
13% Employed Part Time
21% Unemployed/Retired/Student/Homemaker
Education
8% Completed High School/GED
31% Some College/Associate Degree
39% Completed 4-Year College Degree
22% Graduate School or Higher
Household Income
6% Under $25,000
19% $25,000 to $49,999
25% $50,000 to $74,999
22% $75,000 to $99,999
15% $100,000 to $149,999
8% $150,000 to $249,999
1% $250,000 or more
4% Prefer Not to Answer
Marital Status
26% Single
53% Married
10% Separated/Divorced
11% Living With Partner
Children Under 18 in Household
37% Yes
63% No
To request more information about this study, a camera-ready PDF with full graphics, or more detailed analysis of the survey data, or to learn more about Study Hall’s custom quantitative research expertise, contact us at 813.849.4255 or email us via our website at www.StudyHallResearch.com/contact.
Study Hall Research is a full-service, independent brand and communications research consultancy. Headquartered in Florida and registered as a Florida-based company, Study Hall provides both qualitative and quantitative research services to clients across a broad range of B2C and B2B categories for local, regional, and Fortune 500/1000 companies.