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Retirement Planning - US - November 2017

"The recession helped many consumers realize the importance of saving money, especially for the long term. As a result, most people have begun to take steps toward saving the money they will need to comfortably retire, but there is room for improvement. Certain segments, such as women and Hispanics, are lagging behind, whether due to a lack of education, resources, or both, and could use additional support. Millennials represent opportunity, too, as they are eager to learn what they can do and, while they might not yet have extensive resources, they can evolve into long-term customers if they are given the chance."
- Robyn Kaiserman, Senior Financial Services Analyst

This Report looks at the following areas:

  • Many Baby Boomers lack confidence in their retirement savings
  • Hispanics are less likely to have retirement savings
  • Even at highest incomes, few understand their plans

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Table of contents

  1. Overview

    • What you need to know
      • Definition
      • Executive Summary

        • The issues
          • Many Baby Boomers lack confidence in their retirement savings
            • Figure 1: Confidence in savings, by generation, September 2017
          • Hispanics are less likely to have retirement savings
            • Figure 2: Types of retirement plans, by Hispanic origin, September 2017
          • Even at highest incomes, few understand their plans
            • Figure 3: Retirement planning attitudes/behaviors, by household income, September 2017
          • The opportunities
            • Growing single population
              • Figure 4: Retirement planning steps taken, by marital status, September 2017
            • Millennials want to learn
              • Figure 5: Attitudes/behaviors toward retirement planning, by generation, September 2017
            • Disconnect about Social Security
              • Figure 6: Retirement planning attitudes/behaviors, by household income, September 2017
            • What it means
            • The Market – What You Need to Know

              • Growth of retirement plan assets
                • IRAs showing most growth
                  • Aging of America
                    • Congress rolled back rule on state retirement plans
                      • Growth of the “gig” economy
                      • Market Size

                        • Growth of retirement plan assets
                          • Figure 7: Total US retirement plan assets, 2010-17
                        • IRAs showing most growth
                          • Figure 8: US retirement plan assets, by segment, 2010-16
                      • Market Factors

                        • Aging of America
                          • Figure 9: Percentage of Americans aged 65+, 2012, 2017, 2022
                        • Congress rolled back rule on state retirement plans
                          • Growth of the “gig” economy
                          • Key Players – What You Need to Know

                            • Help for flexible workers
                              • The future of Social Security
                                • Help for Boomers
                                  • HSAs are a growing part of retirement planning
                                  • What’s Working?

                                    • Honest Dollar: a retirement plan for the “gig” economy
                                    • What’s Struggling?

                                      • The future of Social Security
                                        • Figure 10: Confidence in Social Security, by generation, September 2017
                                      • Almost half of young women don’t have retirement accounts
                                        • Figure 11: Number of retirement plans owned, by gender and age, September 2017
                                    • What’s Next?

                                      • Help for Boomers
                                          • Figure 12: Vanguard retirement savings webcast, 2016
                                        • HSAs are a growing part of retirement planning
                                          • Figure 13: Optum HSA email, 2017
                                      • The Consumer – What You Need to Know

                                        • Hispanics are less likely to retire
                                          • Climate and cost of living affect retirement decision
                                            • Most who have retirement accounts have more than one
                                              • Younger workers are more likely to have employer-sponsored plans
                                                • Most think they need at least $1 million
                                                  • Men are more likely to have planned for retirement
                                                    • Most believe they will get income from Social Security
                                                      • Women need help
                                                        • Advisers can help Hispanics
                                                        • Plans to Retire?

                                                          • Hispanics are less likely to retire
                                                            • Figure 14: Plans to retire, by Hispanic origin, September 2017
                                                          • Climate and cost of living affect retirement decision
                                                            • Figure 15: Plans to retire, by region, September 2017
                                                          • What consumers want from retirement
                                                          • Type of Retirement Accounts Owned

                                                            • Most who have retirement accounts have more than one
                                                              • Figure 16: Number of retirement accounts owned, September 2017
                                                            • Hispanics more likely not to have any retirement account
                                                              • Figure 17: Number of retirement accounts owned, by Hispanic origin, September 2017
                                                            • Younger workers are more likely to have employer-sponsored plans
                                                              • Figure 18: Type of retirement account owned, by generation, September 2017
                                                              • Figure 19: Fidelity IRA newsletter promotion,
                                                          • How Much Is Needed for Retirement?

                                                            • Most think they need at least $1 million
                                                              • Figure 20: Savings needed to retire, September 2017
                                                            • Gen X believes they need the most money
                                                              • Figure 21: Savings needed to retire, by generation, September 2017
                                                            • Hispanics are not sure how much they will need
                                                              • Figure 22: Savings needed to retire, by Hispanic origin, September 2017
                                                            • Concerns about life in retirement
                                                            • Confidence in Savings

                                                              • Majority are at least somewhat confident they will reach their goals
                                                                • Figure 23: Confidence in amount saved, September 2017
                                                              • Young women have least confidence
                                                                • Figure 24: Confidence in amount saved, by gender and age, September 2017
                                                              • The number of accounts owned affects confidence
                                                                • Figure 25: Confidence in amount saved, by number of accounts owned, September 2017
                                                                • Figure 26: PNC IRA Email, 2017
                                                            • Steps Taken to Plan

                                                              • Confidence comes from planning
                                                                • Figure 27: Retirement planning steps taken, by confidence level, September 2017
                                                                • Figure 28: USAA IRA direct mail, 2015
                                                              • Men are more likely to have planned for retirement
                                                                • Figure 29: Retirement planning steps taken, by gender, September 2017
                                                              • Higher income households do more planning
                                                                • Figure 30: Retirement planning steps taken, by household income, September 2017
                                                              • Married men are especially proactive
                                                                • Figure 31: Retirement planning steps taken, by marital status and gender, September 2017
                                                              • Planning is key
                                                              • Source of Retirement Income

                                                                • Most believe they will get income from Social Security
                                                                  • Figure 32: Source of retirement income, September 2017
                                                                • Many who are employed intend to work part time
                                                                  • Figure 33: Source of retirement income, by employment status, September 2017
                                                              • Retirement Planning Attitudes and Behaviors

                                                                • Women need help
                                                                  • Figure 34: Retirement planning attitudes/behaviors, by gender, September 2017
                                                                • Advisers can help Hispanics
                                                                  • Figure 35: Retirement planning attitudes/behaviors, by Hispanic origin, September 2017
                                                                • What can institutions do to help?
                                                                • Appendix – Data Sources and Abbreviations

                                                                  • Data sources
                                                                    • Sales data
                                                                      • Consumer survey data
                                                                        • Consumer qualitative research
                                                                          • Direct marketing creative
                                                                            • Abbreviations and terms
                                                                              • Abbreviations
                                                                                • Terms
                                                                                • Appendix – The Consumer

                                                                                    • Figure 36: Retirement plan ownership, by gender, Oct. 24, 2016-May 31, 2017
                                                                                    • Figure 37: Retirement plan ownership, by generation, Oct. 24, 2016-May 31, 2017
                                                                                    • Figure 38: Retirement plan ownership, by Hispanic origin, Oct. 24, 2016-May 31, 2017

                                                                                Companies Covered

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                                                                                Retirement Planning - US - November 2017

                                                                                US $3,995.00 (Excl.Tax)