Benefits

Retirees Urge Young Americans to Save for Retirement

By Jay Polansky editors@plansponsor.com | June 08, 2012

June 8, 2012 (PLANSPONSOR.com) – Save for the future was the top piece of life advice retirees would pass along to younger generations, a survey found.

The survey by the Bankers Life and Casualty Company Center for a Secure Retirement (CSR) was conducted in April via internet by The Blackstone Group and asked 300 retirees ages 55 to 75 what they have learned during their retirement and what advice they would give to younger generations.  

Nearly all respondents (93%) said saving early is their top piece of advice for retirement planning. That was followed by contributing to retirement plans available at work (84%), doing more planning (61%), investing conservatively (39%) and getting professional advice (37%). One-third (30%) suggested living frugally and one in five middle-income retirees (22%) recommend working as long as one can.

When asked what retirement topics they wish they knew more about, “making your money last” ranked at the top of their list. One in four (25%) are looking for investment information and for guidance on how to maximize returns on retirement savings.

Respondents said the biggest financial surprise in retirement was not having enough income. Other surprises included adjusting to a lower income, the high cost of healthcare, increasing prices and no income increase in the future.

The full survey report is here.