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Financial Press Release
Determination, Early Saving and Discipline Among Lessons Learned From Successful Retirement Savers
Two-Thirds of Affluent Americans On Track Or Ahead of Retirement Goal, PNC Survey Finds
Asked the most important retirement-related decisions they have made in their lives, almost half (47 percent) of the 1,038 respondents pointed to "living within my means" while more than a third (35 percent) say they "started saving from an early or at a young age." Forty-two percent say saving for retirement is their primary financial goal.
Survey respondents demonstrated financial discipline other than saving, as 46 percent said they have reduced debt, one-third (33 percent) have changed their spending habits, and one-quarter (23 percent) have paid off their mortgage.
According to the "Perspectives of
"Clearly, the lesson is: work and save more now while you are in your prime earning years so that you have the option of not working at all during retirement," said
The survey, which focuses on Americans between the ages of 35 and 70 with at least
Among retirees 80 percent say "I do not work at all outside the home." Only one out of 10 (12 percent) continue working including consulting or other flexible work arrangement, and only 6 percent say they wish they had some type of paid employment.
Other findings in the survey by PNC revealed insights about the following issues:
- Continue working: 80 percent of current retirees say they do not work at all outside the home, but nearly three-quarters of future retirees would like to continue working in some fashion after retirement.
- Top of mind: More than eight in 10 (83 percent) say they at least somewhat often think about retirement, while only 14 percent say they rarely do.
- Common goals: Asked what they most look forward -to in retirement, more than half (54 percent) of non-retirees and 58 percent of retirees say "Being able to do what I want to do." Both groups rate travel as a priority.
- What recession?: More than two-thirds (69 percent) of retirees say the recession has had little effect on them and only 26 percent say, "I think I will have significantly less money for retirement because of the recession."
- Sorry, kids: The concept of leaving an inheritance is not something most (58 percent) are particularly concerned about. Only three in 10 (30 percent) say leaving an inheritance is very important to them.
- Optimism abounds: The top emotions about retirement are positive ones with nearly half of future retirees (47 percent) feeling hopeful about retirement; 34 percent are enthusiastic and only 25 percent are apprehensive.
- Worries remain: Despite the optimism, a number of concerns remain in working individuals' thoughts. Healthcare costs are the top concern for future retirees (42 percent), followed by running out of money (29 percent) and the state of the economy (27 percent). Only 20 percent indicated concern about the stability of
An online media kit containing survey highlights, background information and graphics are available on PNC's website at http://www.pnc.com/pncpresskits.
The Perspectives of
The survey was designed by
This report has been prepared for general informational purposes only and is not intended as specific advice or recommendations. Information has been gathered from third party sources and has not been independently verified or accepted by The