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Recent Retirees Still See Room for Optimism

By John Manganaro editors@strategic-i.com | January 10, 2017
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Other key findings show about four in 10 retirees claim Social Security benefits at age 62, the earliest age one is eligible to receive the benefit.

“Just 27% of retirees previously worked for companies with a workplace financial wellness program that educated them about retirement, Social Security, insurance and other matters relevant to planning for retirement,” the research finds. “Fully a quarter of retirees continue to have a mortgage on their primary residence, and almost four in ten have a mortgage or loan on a second home. The longer an investor has been in retirement, the more likely they are to have mortgages or loans on their property.”

While the vast majority (89%) of retirees have a will, only about half (54%) have an estate plan. Those with children are more likely to have an estate plan than childless retirees.

“The good news is that most retirees are in the enviable position to pursue new interests, step back from the day-to-day stresses of life, and spend more time with their family,” concludes Spectrem President George H. Walper, Jr. “However, ensuring sufficient income in retirement requires advanced planning. Our research has found that retirees who receive help from an adviser in planning for retirement often appreciate the fact that a plan is in place, and are reassured that their assets will likely outlive them.”

Additional data and analysis about the attitudes, beliefs and concerns of retirees regarding their financial wellness in retirement can be found at www.spectrem.com.