Great Recession Changed Boomer Attitudes
An opinion survey of Americans 55 and older reported new expectations on the emotional mindset, attitudes and expectations of pre-retirees and retirees nationwide post-recession.
According to a new study sponsored by SunAmerica Financial Group in collaboration with Harris Interactive and Age Wave, today, 54% view retirement as a new chapter in life, rather than a winding down–a significant increase over the 38% that held a similar view a decade ago. Pre-retirees said they now intend to delay retirement by five years–from 64 to 69–triggered in part by the recession and financial need.
Almost two-thirds said they would ideally like to remain productive and include some work in retirement to stay active and involved. Financial peace of mind is now six times more important than accumulating wealth with 82% naming it their key financial goal.
Unexpected multi-generational family assistance has become the new retirement wild card, the survey noted. Pre-retirees must balance their retirement plans with the possibility of having to support aging relatives, adult children, grandchildren and siblings. Half of respondents expect to provide this support, with 70% of those believing their adult children will need financial assistance.
SunAmerica said it surveyed 1,001 adults age 55 or older were representative of the general population by income, ethnicity, geography and gender.