EMBARGOED
FOR RELEASE: Wednesday 6:30 PM May 14,
2008
All references must be sourced WNBC/Marist Poll
“Retirement
Worries”
Survey of the New York Metropolitan Area Including
Connecticut and New Jersey
Contact: Dr.
Lee M. Miringoff
Dr. Barbara L. Carvalho
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.
Question
Wording: When you retire, do you think your standard of
living will be about the same as it is now, better than it is now, or worse?
Residents Not Retired
|
About
the Same |
Better |
Worse |
Unsure |
|
May
2008 |
27% |
8% |
59% |
6% |
Question
Wording: Do you think it is more likely you will delay
your retirement in order to maintain your standard of living, or is it more likely
you will retire when you expect to?
Residents Not Retired
|
Will
Delay |
Retire
When Expect To |
Unsure |
|
May
2008 |
73% |
21% |
6% |
|
18 to 34 |
83% |
13% |
4% |
|
35 to 54 |
67% |
25% |
8% |
|
55 and older |
64% |
26% |
10% |
·
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.
Question
Wording: Do you currently have money put aside for your
retirement?
Residents Not Retired
|
Yes |
No |
|
May
2008 |
61% |
39% |
|
Less than $50,000 |
38% |
62% |
|
$50,000 to just under $100,000 |
61% |
39% |
|
$100,000 or more |
96% |
4% |
|
18 to 34 |
43% |
57% |
|
35 to 54 |
74% |
26% |
|
55 and older |
62% |
38% |
·
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.
Question
Wording: I'm going to read you a list of seven sources
of retirement income. Which one is your
main source?
Residents
|
Employer Pension |
Retirement Savings
Account |
Social Security |
Other* |
Unsure |
|
May 2008 |
31% |
26% |
22% |
10% |
11% |
|
Less than $50,000 |
28% |
16% |
35% |
10% |
11% |
|
$50,000 to just under $100,000 |
44% |
22% |
11% |
10% |
13% |
|
$100,000 or more |
36% |
47% |
6% |
7% |
4% |
|
18
to 34 |
27% |
31% |
23% |
6% |
13% |
|
35 to 54 |
36% |
30% |
13% |
12% |
9% |
|
55 and older |
30% |
16% |
33% |
9% |
12% |
* Other options include stocks and annuities, part-time
work, home equity, and inheritance
·
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.
Question
Wording: Have you used money from a retirement savings
account recently to help meet your monthly bills or expenses or pay for a major
purchase?
Residents
|
Yes |
No |
|
May
2008 |
30% |
70% |
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.