Retirement To Change Drastically

[mickeyd]

Not sure I agree with all of this, but there will be a big difference in retirement as pension plans go out of fashion and future SS changes to some kind of animal that we may not recognize. They say that you should begin saving in your 30's or even 20's. That's what many of us did. Not a new concept.

Retirement will be unrecognizable in the future when it is compared to what has been known in the past few decades, according to Merrill Lynch financial experts.

“Baby Boomers turning 65 are turning the perception of later life upside down,” says Andy Sieg, head of retirement services for Bank of America Merrill Lynch. The statement was made during a press conference on the the release of the Merrill Lynch Affluent Insights Quarterly Survey of 1,000 affluent Americans with investable assets in excess of $250,000.

Major findings of the survey include a difference in the way men and women view retirement and the revelation that a vast majority of older workers and retirees would advise young people to start retirement planning in the 30s or even 20s with the assistance of a financial advisor.
At the same time, the experts pointed out they are optimistic about the survey results, such as 72% of the affluent feel they will have a better standard of living in retirement than their parents.

Retirement To Change Drastically, Merrill Says

 

[traineeinvestor]

Thanks for posting.

I found this interesting:

Nearly half (47%) described themselves as conservative investors and the percentage was even higher for younger people, 59% for under 35 and 41% for 35 to 64.

Leaving aside that this looks like recency bias, it also suggests that we may be seeing another generation whose investment habits have been affected by economic conditions experienced relatively early in life. Of course, it would help to know what was meant by "conservative".