Overall, respondents to the What Business Thinks survey feel good about their pending retirements. But just more than half (52 percent) believe that they will have the same or an even better standard of living than their parents had.
The economy—both the recent state of markets and investment returns, and long-term issues, such as the high cost of health care—is casting a shadow. Only 32 percent of respondents believe that they will worry less about money than their parents did, and 11 percent are afraid that their lives will be diminished and that maintaining a home could be difficult in retirement.
Work will be in the picture for just more than half of respondents (51 percent). The social aspect is a stronger motivator than money is—52 percent of those who plan to work will do so to stay busy, but 43 percent say they’ll need the income or the health insurance, or that the income will ease their personal finances in retirement.
| At what age do you realistically expect to retire—that is, no longer need to work for an income, but live on Social Security, savings, retirement accounts, or other sources of income? | |
| Before I am 60 | 14.3% |
| Between the ages of 60 and 64 | 19.7% |
| Between the ages of 65 and 69 | 40.2% |
| Between the ages of 70 and 74 | 1.8% |
| Not until I am 75 or older | 7.0% |
| I do not see that I will ever be able to not work | 3.5% |
| I have no idea | 3.5% |
| How likely will you be to do each of the following in retirement? | Very Likely | Somewhat Likely | Not Likely |
| Leave a significant inheritance | 17.0% | 42.7% | 40.2% |
| Volunteer more for organizations I care about | 53.0% | 40.6% | 6.4% |
| Contribute more money to organizations I care about | 28.8% | 47.4% | 23.8% |
| Take up or start a new business | 11.0% | 37.7% | 51.3% |
| Take educational classes | 32.5% | 46.0% | 21.5% |
| Take up a new hobby, craft, or activity | 41.4% | 40.0% | 18.6% |
| Move to a warmer climate | 17.6% | 36.0% | 46.4% |
| Move where the cost of living is lower | 8.3% | 32.7% | 59.0% |
| Acquire an additional home, vacation cabin, et cetra | 17.2% | 30.6% | 52.2% |
