Workers expect their defined contribution plans to play a greater role in their retirement income than annuities.
BALTIMORE, Nov. 28, 2012 /PRNewswire/ --
Looking ahead to their retirement years, many investors see a future rife with serious financial concerns and somewhat diminished expectations, according to a recent T. Rowe Price survey. The August 2012 survey, which was conducted online by Harris Interactive and considered the practices of 850 investors in the United States aged 21-50 with at least one investment account, found that investors' biggest retirement concern was rising health care costs, cited by 76% of respondents. The survey also found that investors have a significant lack of confidence in Social Security and in the ability of their parents and grandparents to have enough money to maintain their desired lifestyle in retirement.
Selected survey findings
Stuart Ritter, CFP®, senior financial planner with T. Rowe Price:
1 "Expenditure Patterns of Older Americans, 2001-2009," by Sudipto Banerjee, February 2012.
2 Source: Society of ActuariesRP-2000 Table.
About the survey
The survey was conducted online within the United States by Harris Interactive on behalf of T. Rowe Price from August 8-20, 2012, among 850 adults aged 21-50 who have at least one investment account. This online survey is not based on a probability sample and therefore no estimate of theoretical sampling error can be calculated. Figures for age, sex, race/ethnicity, education, region, and household income were weighted, where necessary, to align them with their actual proportions in the population.
Harris Interactive is one of the world's leading custom market research firms. Known widely for Harris Poll and for pioneering innovative research methodologies, Harris serves clients in 196 countries and territories through its North American and European offices and its network of independent market research firms. For more information, please visit www.harrisinteractive.com.
About T. Rowe Price
Founded in 1937, Baltimore-based T. Rowe Price is a global investment management organization with $574.4 billion in assets under management as of September 30, 2012. The organization provides a broad array of mutual funds, subadvisory services, and separate account management for individual and institutional investors, retirement plans, and financial intermediaries. The company also offers a variety of sophisticated investment planning and guidance tools. The Retirement Plan Services division currently serves more than 3,500 retirement plan sponsors and more than 2 million retirement plan participants. T. Rowe Price's disciplined, risk-aware investment approach focuses on diversification, style consistency, and fundamental research.
SOURCE T. Rowe Price