NEW YORK, July 1, 2013 /PRNewswire/ -- In a new nationwide survey conducted by TheStreet's (NASDAQ: TST) MainStreet.com and GfK 1, almost 70% of Millennials have not taken any action to plan or save for retirement. Even with social security being viewed by many as an antiquated system with long-term sustainability issues, more than half of the Millennials surveyed are planning on it as a source of retirement income.
In a new article written by MainStreet.com in conjunction with these survey results, Americans are also taking social security payments earlier than they should. "As long as they are eligible, many Americans equate the date they retire with the date they file for Social Security," says Bill Meyer, co-founder of a private research and counseling firm called Social Security Solutions. "Instead, retirees should separate those decisions and look at Social Security as if it's another asset in their portfolio."
Key survey findings:
- 2 in 3 Millennials expect to retire by the age of 65; yet 70% have not started planning or saving for retirement
- Employee-sponsored retirement savings plans are instrumental in both Millennials and Baby Boomers retirement planning strategies; with more than 60% of both groups contributing to them to use as a future source of income
- 70% of Baby Boomers currently have life insurance; with the birth of a child fueling that purchase