This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Top Life Advice From Today's Retirees To Tomorrow's Generation: Start Saving ASAP!

CHICAGO, June 7, 2012 /PRNewswire/ -- If America's retirees were in younger people's shoes, it's clear that they would put a priority on saving more and saving early for retirement.

In a recent survey conducted by Bankers Life and Casualty Company Center for a Secure Retirement(SM) (CSR), 300 retirees between ages 55 to 75 with an annual household income between $25,000 and $75,000, were asked a variety of open-ended questions about what they have learned over the past several years and what real-world advice they would give to today's younger generation.

One of these questions was what they considered the most important piece of advice about life that they would give to young people.  Thirty-nine percent said saving for the future was the most important --  followed distantly by being happy and living life to the fullest.  Other responses included planning ahead for retirement, finding something to do for work that they enjoy, being responsible for their own life and expanding their education. 

When asked about the biggest piece of financial advice that they would want to pass along to others, 93 percent said it was important to start saving early.  Retirees also urge younger Americans to contribute to retirement plans available at work (84 percent), do more planning (61 percent), invest conservatively (39 percent) and get professional advice (37 percent).  One third (30 percent) suggest living frugally and one in five (22 percent) recommend that they work as long as they can.

Retirees also stressed that there is still a great deal for them to learn.  When asked what retirement topics they wish they knew more about, "making your money last" ranked at the top of the list.  One in four (25 percent) are looking for information on investments and for guidance on how to maximize returns on retirement savings.  "Making the most from savings with the least risk" and "investments for the long term" were common trends voiced by middle-income retirees.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,799.01 -129.19 -0.72%
S&P 500 2,077.93 -11.53 -0.55%
NASDAQ 4,909.2630 -30.0640 -0.61%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs