What do people in their twenties have in common with those in their eighties? They are all worried about enough money for a comfortable retirement, according to The MainStay Across Generations online investment survey of 1,537 individuals ages 26 to 82. Respondents were U.S. residents with a total net worth of at least $100,000 categorized as GenXers (ages 26 to 40), Boomers (ages 41 to 59) and Matures (ages 60 to 82).
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The 2005 survey found that 24% of Boomers say they have cut back on spending because they have not saved enough for retirement, as opposed to 18% in 2004. The GenXers (82%), Boomers (74%) and Matures (60%) agree that the government will not provide enough financial assistance in retirement, up dramatically from 2004 responses of 74%, 53% and 40%, respectively.
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At the same time, a higher percentage of today’s GenXers (55% vs. 44% a year ago) and Boomers (51% vs. 40%) believe that their company retirement savings plans will not be able to support them in their old age.
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If they unexpectedly received $50,000, Boomers (27%) and Matures (36%) were most likely to put the money aside for retirement. In addition, 23% of the Boomers surveyed expect to purchase long-term care insurance over the next 3 to 5 years, up from 14% one year ago.
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Source : http://www.icaa.cc
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