on Apr 3rd, 2006Merrill Lynch Bullys Baby Boomers into Retirement Planning
Planning for retirement is one of those “I’ll get to it” kind of chores. Days come and go and life intervenes and before you know it the day is upon you. America is not known as a “saving” country. We like to buy on credit and pay later. Is there any argument that would make you save more, or at least pay attention to the cost of retirement?
Merrill Lynch thinks so. They conducted a survey to read the zeitgest of the Baby Boomer generation. Granted they have a self-interest in your well-being, but at least they’ve taken the time to outline how you feel. Here’s the highlights.
Click here for the full press release
- The new retirement “turning point.” While 76% of boomers intend to keep working and earning in retirement, on average they expect to “retire” from their current job/career at around 64 and then launch into an entirely new job or career.
- Taking advantage of their “longevity bonus,” boomers will create a whole new life stage.
- Boomers reject a life of either full-time leisure or full-time work.
- It’s not about the money.
- The transformation of the “me” generation into the “we” generation. The unpredictable cost of illness and healthcare is by far boomers’ biggest fear.
- Boomer women are better educated, more independent, are simultaneously juggling more work and family responsibilities and are more financially engaged than any generation in history.
Merrill Lynch today announced the findings of a new study that reveals how baby boomers envision their retirement and the coming decades of their lives. “The New Retirement Survey,” conducted for Merrill Lynch by Harris Interactive in collaboration with Age Wave, builds upon conventional wisdom that boomers are not interested in pursuing a traditional retirement of leisure. The majority of boomers relate they plan to keep working and earning in retirement, but will do so by cycling between periods of work and leisure, thus creating a new model of retirement.
The New Retirement Survey From Merrill Lynch Reveals How Baby Boomers Will Transform Retirement
February 22, 2005