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This WNBC/Marist Poll reports:
MOST PEOPLE IN OUR AREA THINK A COMFORTABLE RETIREMENT IS OUT OF
REACH AND PLAN TO DELAY THEIR RETIREMENT TO MAINTAIN THEIR STANDARD
OF LIVING:
As residents in the New York metropolitan area face rising costs and
tough economic times, many are not optimistic about their ability to
maintain even their current economic standing when they retire. 59%
believe their standard of living will decline at retirement. 27% are
hopeful they will be able to maintain the lifestyle they now have,
and only 8% believe their economic situation will improve after
retirement. In addition, most residents believe they will need to
delay their retirement to a later age than they expected in order to
maintain their standard of living. Although this opinion is shared
across all age groups, more people under 35 hold this view than
those 35 and older.
ABOUT FOUR IN TEN RESIDENTS HAVE NOT PUT ASIDE ANY MONEY FOR THEIR
RETIREMENT:
39% of people in our area have yet to begin saving for their
retirement. Not surprisingly, more residents with lower income do
not have a retirement nest egg than those with higher income. 62% of
people in our area with income of less than $50,000 a year do not
have any retirement savings compared with only 4% of those with an
annual income of $100,000 or more. A majority of adults under 35
years of age also struggle with saving for their retirement.
WHAT WILL PEOPLE’S MAIN SOURCE OF RETIREMENT INCOME BE…WELL, IT
DEPENDS:
People in our area expect to have one of three main sources of
retirement income. 31% of residents believe their employer pension
will be the main source of their retirement income followed by 26%
who expect to depend on their own retirement savings account, and
22% who think Social Security will be their primary income. But, how
much money they make and how old they are shape their view of the
importance of each one. More people with an income of less than
$50,000 expect to depend on Social Security. Middle income residents
are looking for their employer pensions to carry the load. And,
those with an income of $100,000 or more plan to use their own
retirement savings accounts. Age also plays a role. More people
under 35 are counting on a retirement savings account as their top
source of retirement income compared with an employer pension plan
for people between 35 and 54, and Social Security for those 55 and
older.
THREE IN TEN RESIDENTS HAVE DIPPED INTO THEIR RETIREMENT SAVINGS
ACCOUNT TO MEET THEIR EXPENSES OR PAY FOR A MAJOR PURCHASE:
To add to the uncertainty of retirement, 30% of people in our area
have already cashed in their future by tapping into their retirement
savings accounts to help them through current tough times or to make
a major purchase.
NATURE OF THE SAMPLE: 406 RESIDENTS OF THE NEW YORK METROPOLITAN
AREA
This survey was conducted May 12th, 2008. 406 adults 18 years of age
or older within the New York metropolitan area were interviewed by
telephone using a standardized voice system. Telephone numbers were
selected based upon a list of telephone exchanges from throughout
the area including New York City, the New York suburbs surrounding
New York City, northern New Jersey, and southern Connecticut. The
exchanges were selected to ensure that each region was represented
in proportion to its population. The results of the entire survey
are statistically significant at +/-5%. The error margin increases
for cross-tabulations.
CLICK HERE
FOR THIS MARIST POLL:
05.14.08:
NY DMA POLL: RETIREMENT WORRIES
[PDF]
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