866-997-4948(US-Canada Toll Free)

Retirement Planning - US - November 2017

Published By :

Mintel

Published Date : Nov 2017

Category :

Banking

No. of Pages : N/A

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.
Table of contents

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
WHATS WORKING?
Honest Dollar: a retirement plan for the gig economy
WHATS STRUGGLING?
The future of Social Security
Figure 10: Confidence in Social Security, by generation, September 2017
Almost half of young women dont have retirement accounts
Figure 11: Number of retirement plans owned, by gender and age, September 2017
WHATS 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

Make an enquiry before buying this Report

Please fill the enquiry form below.

  • Full Name *
  • Your Email *
  • Job Title
  • Company
  • Phone No. * (Pls. Affix Country Code)
  • Message
  • Security Code *