Dads Have a Great Influence on Retirement Savings

With Father’s Day approaching, a recent survey from John Hancock Retirement Services reveals how fathers can have a significant impact on how one prepares for his or her financial future. Three in four Americans say retiring is an important milestone.

More than half of Americans surveyed (56%) say their father influenced their retirement savings habits, and the majority of Americans with retired fathers (62%) say their retirement plans are at least a little similar to their fathers’.

Younger Americans are more likely to have connected with their father about retirement plans, and nearly three-fourths (74%) of Millennials have retirement plans that are at least a little similar to their fathers.

The vast majority (88%) of respondents believe their father is enjoying their retirement at least a little, and 10% say their fathers are spending their retirement working. Retired dads’ enjoyment stems from spending their time relaxing (28%) or doing more of what they love (27%).

Overall, the survey found that although eight-in-ten Americans have taken actions to prepare for retirement, nearly one-fourth (23%) believe they will never be able to fully retire. Three in four Americans want to retire at age 65 or earlier, but only half say they could retire comfortably at the age they would like.