Furthermore, most of the respondents, approximately 32 percent, say they will need $1-2 million for retirement, even though they don't seem to have the tools and financial planning in place to help them save that much money: Only 48 percent of respondents say they use a financial adviser for financial planning and investment advice vs. 41 percent who say they handle their own financial planning.
The survey shows that an overwhelming majority of respondents, 91 percent, rely on defined savings plans (401k, 403b, 457) as their top retirement source, which is followed by social security at 85 percent. "Americans in general expect to live longer and spend more during retirement, based on the results of our survey," said Jim Pavia, editor, InvestmentNews. "However, their reliance on defined savings plans and social security alone may prove inadequate for the type of retirement they intend to have."
Other findings of the survey are:
- A majority of respondents, 66 percent, expect an income of 50-80 percent of their current income during retirement.
- A majority of respondents, 41 percent, plan to do charitable work/volunteer when they retire, compared to 30 percent who say they will enjoy leisure activities.
- The only exception to this proportion is the New York metropolitan area where most of the respondents, 48.5 percent, say they plan on enjoying leisure activities.
- A significant majority of respondents, 62 percent, indicate that they would not be relocating when they retire vs. 38 percent who say they would.
- The numbers change slightly when we look at New York, as 47 percent of New Yorkers say they will relocate, vs. the 38 percent national average.
