Tags: Wealthy | Delay | Retirement | affluent

Survey: More Wealthy Americans Delaying Retirement

Friday, 27 April 2012 01:11 PM

A new survey by Merrill Edge Report shows that 57 percent of working mass affluent Americans expect to retire later than they planned a year ago, a 36 percent increase from January 2011.

"While the economy is showing signs of a turnaround, our data indicates the outlook among the mass affluent is not quite as positive," says Dean Athanasia, Preferred and Small Business executive at Bank of America.

Editor's Note: Did Bernanke Rig Your Retirement? Shocking Video . . .

"In spite of their increased efforts to get on track, this group is pushing back their retirement in greater numbers than we've seen before."

The rising cost of health care worries 89 percent of the survey respondents, while ensuring retirement assets last throughout their lifetime is a major concern for 83 percent. Eighty percent worry about being able to afford the lifestyle they want in retirement.

Seventy-one percent of the mass affluent are concerned with the upcoming presidential election but 80 percent are more concerned about health care legislation and 77 percent are concerned about the future of Social Security benefits and the U.S. government's budget deficit.

In addition, signaling a commitment to their savings efforts, 70 percent of mass affluent Americans say they took on home improvement projects in the last year, such as plumbing, painting, and home cleaning, that they would normally hire someone else to do.

Younger members of the mass affluent were more likely to embark on these home improvement projects than their older counterparts, as 84 percent of 18- to 34-year-olds took on a project, compared to 77 percent of 35- to 50-year-olds, 70 percent of 51- to 64-year-olds and 60 percent of those 65 and older.

MSN money reports that Home Depot shares are up nearly 80 percent from the company’s 52-week lows. The gains recorded by Lowe's have been only slightly less dramatic—the stock is up nearly 75 percent from its lows.

Editor's Note: Did Bernanke Rig Your Retirement? Shocking Video . . .

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Friday, 27 April 2012 01:11 PM
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