Retirement Derailers Survey

05/14/2013
Recent research from various sources has uncovered an alarming trend in financial planning in America: As a whole, Americans nearing retirement are underprepared. An October/November 2012 survey of people ages 50–70 shows that fewer than half (46%) report feeling extremely or very confident that they’ll be able to afford the essentials in retirement. Their concerns may be valid. The same study uncovered a gap of approximately $250,000 between what respondents think they need to retire comfortably and what they’ve set aside for their time post-career.

Less studied are the reasons why Americans are so ill-equipped to fund this major life stage. What events have transpired to make retirement financially burdensome even for those who have long planned their exit from the workplace?

Retirement Check-In Survey

02/05/2013

Baby boomers are a bundle of contradictions when it comes to how they say they feel about their retirement. But while their financial attitudes may shift, the actions they’re taking to prepare financially for retirement remain stagnant. And actions — or failure to act — tell a part of the story that words and sentiments do not.

The Retirement Check-In® survey sets out to examine the disconnect between the expectations that Americans maintain for their retirement and the financial actions they’ve taken to meet those expectations. It aims to expose the gap between what people feel when they think about retirement and whether the actions they’re taking to prepare align with their levels of confidence. Ultimately, the study also reveals what many Americans are planning to do so that they can feel financially confident in retirement, despite economic challenges.

New Retirement Mindscape 2012 City Pulse Index

09/19/2012
The New Retirement Mindscape® 2012 City Pulse index examines the 30 largest U.S. metropolitan areas to determine where consumers are the most prepared for and confident about retirement. Now in its third year, the index also measures retirement trends over time on both a national and local level.
 
Metropolitan areas are scored based on responses to a national online survey which compares consumers’ likelihood to have determined the amount of money they need to save for retirement and their actual saving habits. The index also takes into account if people have planned for a variety of activities during retirement and expressed confidence about achieving their retirement goals.

Baby Boomers Dole Out Cash to Family Members Despite Uncertainty About Their Own Financial Future

05/01/2012
Graduation season is upon us and thousands of young adults will soon leave their dorm rooms, flood the job market… and possibly move back in with their parents. More than half (55%) of baby boomers admit they’ve allowed their adult children to move home and live rent free – but the support most provide their kids and aging parents extends well beyond room and board, according to new findings from the Money Across Generations IISM study, released today by Ameriprise Financial (NYSE: AMP). In fact, boomers continue to prioritize their families’ needs over their own, despite increased uncertainty about their own financial security.

“Boomers are feeling the pressure financially and emotionally,” says Suzanna de Baca, vice president of wealth strategies at Ameriprise Financial. “In many cases they’re sandwiched between children who are unemployed or struggling to pay down their student loan debt and aging parents who are facing complex health and financial issues. At the same time, they’re trying to prepare for their own retirement. The demands on their time and money can feel endless.”

Money Across Generations IISM Study

03/27/2012
In 2007, Ameriprise Financial commissioned research that looked across three generations of Americans — baby boomers, their children and their parents — to gain a deeper understanding of how each group perceives, talks about and deals with money and financial issues. The Money Across Generations® study revealed that many families are having insufficient discussions about their financial needs and goals, and may unknowingly be sabotaging their future financial security. Findings also suggested that boomers need to take a more realistic look at how the generous financial support they provide others may be throwing their retirement plans off track.
 
Today, following the recession that rocked Wall Street and Main Streets across the U.S., many American families are faced with a very different financial reality than they were five years ago. The Money Across Generations IISM study replicates the original survey to provide a before and after comparison. It offers an in-depth look at how the financial needs and attitudes of each generation have evolved — and how this could continue to impact boomers’ ability to retire the way they desire. Understanding each other’s needs and views could help generations of families better prepare for retirement and ensure they are supporting each other in a more meaningful and financially viable manner.

Research Reveals Differences in How Men and Women Approach Retirement Planning

01/24/2012
Men and women are preparing for retirement in very different ways, according to additional findings from the New Retirement Mindscape® City Pulse index, released today by Ameriprise Financial. While men outpace women in planning for the financial aspects of retirement (77% vs. 72%), women are more likely to say they’ve thought about what they’d like to do during retirement. And though a mere 22% of Americans report confidence in reaching their retirement goals, men are significantly more likely than women to report this sentiment (25% vs. 19%).

“Financial preparation can help instill confidence in reaching your retirement goals – and rightfully so – but thinking about how you’d like to spend your time and where you’re going to live can have a dramatic impact on your overall readiness,” said Suzanna de Baca, vice president of wealth strategies at Ameriprise Financial. “The activities you plan to pursue during retirement will likely have associated expenses. Failing to consider these can have significant consequences.”

New Retirement Mindscape 2010 City Pulse Index

12/07/2010
Recent survey findings suggest that where you live may influence your readiness to retire. The New Retirement Mindscape® 2010 City Pulse index examined the 30 largest U.S. metropolitan areas to determine where consumers are the most prepared for and confident about retirement. 

Metropolitan areas were scored based on responses to a national survey which measured consumers’ likelihood to have determined the amount of money they need to save for retirement and their actual saving habits. The index also takes into account if people have planned for a variety of activities during retirement and expressed confidence about achieving their retirement goals.