Words from the wise

Jun 24, 2012 @ 12:01 am

By Emily Yang

If middle-income retirees could travel back in time, their top priority would be to save for retirement early on — and learn about being smarter with their money.

According to a study commissioned by Bankers Life and Casualty Co., when retirees 55 to 75 were asked what financial advice they would give younger people about retirement, 93% said they should start saving as early as possible. That's followed by recommendations that younger people contribute to retirement plans available at work (84%), plan more (61%), invest conservatively (39%) and hire a professional adviser (37%). Almost a third would suggest living frugally and 22% advised to work as long as possible.

As for the most important life lessons they would impart, 39% said saving for the future is the most crucial, followed closely by “being happy” and “living life to the fullest.”

When asked what topics they wish they knew more about, “making your money last” topped the list. A quarter said they are looking for information on investments and guidance on how to maximize returns.

The retirees also wanted more guidance on health insurance and Medicare, followed by travel deals, and Social Security.

“With ever-increasing longevity and cost of living, it's never been more important for tomorrow's generation to think about how they will be able to live comfortably in retirement,” said Chris Campbell, vice president of marketing and business development at Bankers Life and Casualty. “Whether it's saving more, making sound investments or speaking with a professional adviser, the importance of planning for the future can't be overestimated.”

The online survey of 300 retirees with an annual household income between $25,000 and $75,000 was conducted in April by The Blackstone Group LP.

0
Comments

What do you think?

View comments

Recommended for you

Sponsored financial news

Featured video

INTV

Vanguard's Joe Davis: Prepare for lower expected returns

The next five years will be more challenging for the markets than the past five, according to Joe Davis, global chief economist at Vanguard. Here's why it's more important than ever to stay reasonable with return expectations and stick to the plan.

Video Spotlight

Are Your Clients Prepared For Market Downturns?

Sponsored by Prudential

Video Spotlight

Path to growth

Video Spotlight

Path to growth

Latest news & opinion

Hackers may have profited from SEC breach

The hack of the agency's Edgar filing system occurred in 2016, but the regulator didn't conclude until last month that the cybercriminals may have used their bounty to make illicit trades.

Top 10 financial firms ranked by investor satisfaction

Find out which firm took the top slot for overall investor satisfaction for the second year in a row.

What not to say to clients when the markets drop

Here's what advisers should steer clear of saying the next time stocks turn downward.

SEC bars former rep for alleged share price manipulation

George Thoreson tried to keep penny stock's price high to enable Nasdaq listing.

Nevada fiduciary law raises concerns among retirement professionals, brokerage industry

Critics complain that it conflicts with ERISA and SEC rules and has potential to spur other states to pass their own version of a fiduciary rule.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print