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"Our survey findings underscore the importance for parents to encourage savings, preparation and planning when discussing finances with their children and family members," said
The findings were drawn from the fourth quarter 2013
Just over four in ten investors would not change anything about their retirement preparation. Nearly 30 percent wish they had saved more from the beginning, and 13 percent wish they had started planning earlier.
For half of those responding to the survey, their personal vision of retirement is best described by "being able to spend time as [they] choose." Spending time with family and friends and spending time relaxing were the next best descriptions (35 percent). One in five said that continuing to do work that they enjoy best describes their personal vision of retirement.
Of the 44 percent of investors who say they plan to work in retirement, 36 percent said they will likely work at a part-time job different from the one they held, while 28 percent expect to continue their existing job on a part-time basis. Sixteen percent plan to do charitable or volunteer work.
When asked to list the reasons they planned to work in retirement, nearly three-quarters said that it would help them to stay healthier mentally and physically. Feeling productive was another major reason (70 percent), as was "wanting to stay/feel connected with others" (69 percent). More than half stated they would be "bored without work." Forty percent want to keep contributing to their family's financial security.
Of those who planned to work in retirement, most were unsure how many years they would work. But 17 percent plan to work five years or fewer, while 14 percent expect to work six to 10 years.
Investors did express some worries about life in retirement. A third are concerned over entering retirement with debt. A quarter are worried they will have to financially support their adult children and are at least somewhat concerned about the possibility of having to support an elderly parent. Twenty percent worry about being able to leave an inheritance.
About John Hancock Financial and
John Hancock Financial is a division of
The John Hancock unit, through its insurance companies, comprises one of the largest life insurers in
SOURCE John Hancock Financial