Boomer
work, leisure, savings & retirement report
As the
first members of the Baby Boomer generation turn 60, those working
in the business and technology professions report they're saving
more than they did five years ago. Nonetheless, nearly half say they
are still worried about saving enough for retirement.
By a two-to-one margin (52% to 26%), Baby Boomer professionals are
currently saving more money per month than they did five years ago,
according to a new survey of 2,466 ChangeWave Alliance members aged
42 and over. The July 18-24, 2006 ChangeWave Research survey focused
on Boomer work, leisure, savings and retirement plans.
Cutting Back. When respondents were
asked what - if anything - they are cutting back on to save more
money, the top three areas cited were travel/vacation (10%),
children now out of College/on their own (10%), and eating out (9%)
Saving For Retirement. Focusing
on retirement savings, three-in-ten (29%) Boomer
professionals say they have saved more money for retirement
over the past six months compared to the previous six
months. Only 12% say they have saved less, while another 49%
say they have saved the same amount.
Respondents were optimistic going forward - 28% saying
they'll save more over the next 6 months and only 7% less,
with 56% saying they'll save the same amount.
Such optimism notwithstanding, nearly half (47%) say they
are still worried about saving enough money for retirement.
Biggest Fears. Deteriorating
health (31%) and financial concerns (30%) were the top
retirement fears , but high health insurance costs (10%) and
boredom (9%) also received significant mention.
Punching the Clock. When it comes to work, Boomers are still
punching the clock - working an average of 44 hours per week
at their primary job. And while more than a third (36%) say
they'd like to retire within 5 years, significantly fewer
(27%) think they'll actually retire in that time frame.
Moreover, their working days won't actually end with
retirement. An astonishing two-thirds (67%) of respondents
say they expect to work at some point after they retire.
"All in all, the survey results are upbeat. They show that
Boomer professionals are doing the right thing as they
slowly begin moving towards retirement," says ChangeWave
Research Director Paul Carton. "They are saving more,
working more - and they're also worrying more about what
their lives will be like after they retire."
About the ChangeWave Alliance:
The ChangeWave Alliance is a network of 8,500 highly
qualified business, technology, and medical professionals in
leading companies of select industries-credentialed experts
who spend their everyday lives working on the frontline of
technological change. ChangeWave surveys its Alliance
members on a range of business and investment research and
intelligence topics, collects feedback from them
electronically, and converts the information into
proprietary quantitative and qualitative reports. Visit
www.changewave.com
.
About ChangeWave Research
ChangeWave Research, a subsidiary of Phillips Investment
Resources, LLC, identifies and quantifies "change" in
industries and companies through surveying a network of
thousands of business executives and professionals working
in more than 20 industries. ChangeWave has a very unique
asset in its 8,500-member Alliance. Their membership team is
assembled from a broad cross section of more than 20
vertical markets such as telecom, semiconductors, data
storage, and biotechnology, along with a wide range of
professional disciplines including CIOs, IT managers and
programmers, executive management, scientists, engineers and
sales personnel.
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