Different age groups have different concerns about their retirement, according to the 2011 Franklin Templeton Retirement Income Strategies and Expectations survey. Seventy-eight percent of older respondents, those between ages 35 and 44, are most concerned about managing their retirement income to meet retirement expenses.
Sixty-eight percent of individuals from 25 to 34 years of age said they also were most concerned with managing their retirement income, but only 59 percent of 18- to 24-year-olds had the same concern.
People over the age of 65 were most concerned about medical expenses, changes to Social Security and running out of money.
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Overall, the survey found that running out of money is the top concern for 31 percent of those surveyed, and 47 percent said they would keep working if they were unable to retire as planned.
"What the survey brings into focus is that Americans have differing views on expectations, timeframes and concerns surrounding retirement, especially among various age groups," said David McSpadden, senior vice president of Global Advisory Services for Franklin Templeton Investments. "For example, when asked where most of their retirement income will come from, the top choice for those ages 18 to 44 was a 401(k) or other individually funded workplace plan. For those 45 and over, it was Social Security. This indicates that younger individuals increasingly realize the need to take control of their retirement income needs."
Survey data also showed that while 41 percent of 35- to 44-year-old respondents are invested in a workplace retirement plan, 34 percent of respondents in that age group said they haven't thought about their approach to employing different sources of retirement income and less than a quarter (23 percent) currently work with a financial advisor.
A quarter (25 percent) of respondents between the ages of 18 and 24 plan to rely on Social Security as a primary means of income during retirement, and 26 percent believe a workplace retirement fund, such as a 401(k) or 403(b), will provide the most income during their retirement.
Respondents between the ages of 18 and 24 are almost as concerned about funding vacations and hobbies as they are with paying off their mortgage during retirement, though 60 percent said that paying off their mortgage is a goal by the time they reach retirement.
The Franklin Templeton Retirement Income Strategies and Expectations survey was conducted online among a sample of 2,046 adults 18 years or older. It was administered in September 2011.
Franklin Templeton Distributors, Inc. is a wholly-own subsidiary of Franklin Resources, Inc., a global investment management organization operating as Franklin Templeton Investments. Franklin Templeton Investments provides global and domestic investment management solutions managed by its Franklin, Templeton, Mutual Series, Fiduciary Trust, Darby and Bissett investment teams.
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