Baby Boomers, Gen Xers and Millennials have Contrasting Post-Career Expectations
ORANGE, Calif. (August 6, 2019) –American Advisors Group (AAG), the leading provider of home equity solutions for retirement, has released its national Dream Retirement Survey. The nationwide survey of Millennials, Gen Xers and Baby Boomers was conducted using the digital survey platform Pollfish. Respondents answered a series of questions about their views on retirement, from income to cost of living, desired living environment, travel habits and pet planning.
The survey results illustrated differences in retirement expectations, mainly by age, but also by gender. For example, Gen Xers and Millennials both look forward to traveling during their retirement years, while Baby Boomers look forward to spending more time with their families. While women are more likely to spend time volunteering, men are more likely to travel and golf. Surprisingly, Baby Boomers are the least likely to own pets in retirement, only 68% compared to 80% of Gen Xers and 83% of Millennials.
Additional retirement statistics include:
- A quarter (25%) of the respondents believe that they need at least $1 million for their “dream retirement.” On the other end of the spectrum, 7% think they’ll need less than $25,000 to retire.
- Almost half (49%) of respondents who identified as Baby Boomers plan to depend on Social Security as their primary source of retirement income, compared to only 20% of Millennials.
- Almost a quarter (23%) of Millennial respondents plan on using their personal savings as their primary source of retirement funding.
- Nearly half (46%) of all respondents said they would likely “retire right away” if they won the lottery.
AAG conducted the national survey in September of 2018, looking to identify retirement trends and differences between various generations, geographical locations, and genders. Data was compiled and analyzed from 600 respondents across five age groups: 14-24, 25-34, 35 – 44, 45-54, and 55+.
The survey was conducted using Pollfish, a social survey tool designed to provide real-time market data and insights by randomly delivering surveys to real consumers in targeted demographics while they are organically engaged with Pollfish partner apps on their mobile devices. The Pollfish methodology merges machine learning technology with an organic sampling methodology to eliminate common issues with data quality, such as impatient survey takers, unconscious bias or insignificant sample sizes.
To view the survey results, visit: https://www.aag.com/retirement-stats/
AAG, now a division of Finance of America Reverse (FAR), continues its dedication to helping older homeowners find new ways to fund a better retirement through the responsible use of home equity. AAG offers a suite of home equity solutions — including Home Equity Conversion Mortgages and proprietary mortgages, that are designed to give seniors a better financial outcome in retirement. By coming together in April 2023, FAR and AAG make up the #1 reverse mortgage company in the US. The company is licensed nationally and is a proud member of the National Reverse Mortgage Lenders Association (NRMLA). For more information about AAG, please visit www.aag.com.
AAG/American Advisors Group are divisions of Finance of America Reverse LLC which is licensed nationwide | Equal Housing Opportunity | NMLS ID # 2285 (www.nmlsconsumeraccess.org) | 8023 East 63rd Place, Suite 700 | Tulsa, OK 74133