WorldatWork - NewsLine
Study Finds Age, Not Finances, Drives Retirement Timing for Pre-Retiree Boomers Nov. 11, 2010 — When is it time to retire? According to results of a quarterly Charles Schwab survey, 46% of 50- to 60-year-olds have a target date or age in mind, 38% have a target nest egg in mind, and 34% have neither of these.
To understand how people actually behave when it comes to subjective targets, Schwab also surveyed a group of retirees. Nearly half (47%) say they actually did retire when they reached their target date or age; another 27% said they retired once they had reached their financial target; and 38% of retirees said they had neither a financial nor date or age target in mind leading up to retirement.
"Although we tell our clients there really is no magic number — in terms of age or size of nest egg — for retirement, thinking about these targets can be a great catalyst to kick-start retirement planning and initiate an honest discussion about expectations," said Stacy Hammond, director of Real Life Retirement Services for Charles Schwab. She said those thinking about retirement should explore ways to make it work for them as individuals — by adjusting timing, cutting back on expenses or continuing to work part-time.
Schwab's latest retirement pulse survey also checked in with Baby Boomers about their feelings on Social Security and found that, compared to the general population, 50- to 60-year-olds have far higher expectations for Social Security in retirement:
- Counting on Social Security to supplement retirement savings: 55% of 50- to 60-year-olds vs. 37% of all Americans.
- Not counting on Social Security to be a source of income in retirement: 26% of 50- to 60-year olds vs. 46% of all Americans.
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http://dreamlearndobecome.blogspot.com This posting was made my Jim Jacobs, President & CEO of Jacobs Executive Advisors. Jim also serves as Leader of Jacobs Advisors' Insurance Practice.
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