Jan. 21, 2014
/PRNewswire/ -- A recent John Hancock survey found that investors are relatively confident of their preparation and expectations for retirement, but are divided on the outlook for their children. Six in 10 surveyed say they expect their quality of living in retirement to be better than their own parents, and close to a third think it will be about the same, while nine percent say they expect it to be worse. Yet a third of investors believe their children's quality of life in retirement will be worse, with about 40 percent thinking it will be about the same, and three in ten expecting that their children's retirements will be better.
"Our survey findings underscore the importance for parents to encourage savings, preparation and planning when discussing finances with their children and family members," said
, John Hancock's Chief Economist. "Learning about and setting up retirement and college savings plans can go a long way toward building confidence and financial security."
The findings were drawn from the fourth quarter 2013 John Hancock Investor Sentiment Survey, a quarterly poll of affluent investors.
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.