Benefits November 11, 2010

Many Have Neither Target Retirement Date nor Nest Egg

November 11, 2010 (PLANSPONSOR.com) – Forty-six percent of 50- to 60-year olds have a target retirement date or age in mind, 38% have a target nest egg in mind, and 34% have neither, according to a new Charles Schwab survey.
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A Schwab news release reported that nearly half (47%) of retirees say they retired 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, in the news release.

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The survey found respondents have high 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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