Survey: Investors Saving for Retirement

December 7, 2004 (PLANSPONSOR.com) - American workers appear to be taking advantage of retirement savings plans either in the workplace or on their own, according to a new survey.

A news release from Eaton Vance Company about the results of its November 2004 survey said nine in 10 respondents reported that they participate in a 401(k) or IRA program – representing 87% of investors with less than $250,000 in investment assets and 93% of those with greater than $250,000 invested. Not only that, according to the announcement, but three quarters of the below-$250,000 group and 81% of the above-$250,000 group are putting in the maximum allowed.

At least among the group covered in the Eaton Vance poll, they did so with eyes wide open. According to the news release, nine of 10 investors have given either a “great deal” (55%) or “some” (35%) thought to retirement. Three in four investors – 77% of the less than $250,000 group and 71% of the above-$250,000 group – cite retirement as the life event they’re primarily interested in funding with their investments.

Meanwhile, 84% of respondents said they were optimistic that they will live comfortably in retirement. Not surprisingly, this was particularly true among the above-$250,000 crowd (90%), but 77% of the below-$250,000 also had dreams of the same retirement comfort.

Over half of investors (55%) believe they will need $1 million dollars or more to retire, and the average investor says he will need about $1.9 million to retire.

This telephone survey covered 1,000 US residents who have invested in both qualified retirement plans and investments outside of qualified retirement plans (stock mutual funds, bond mutual funds, individual stocks, individual bonds, variable annuities and money market funds) and was conducted by Penn, Schoen & Berland Associates, Inc. for Eaton Vance Company.
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More information is at http://www.eatonvance.com/alexandria/pressreleases/200412/survey%20release.PDF .
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