Bulletin Poll: Retirement Saving
Source: From the AARP Bulletin print edition | April 1, 2009
In the past 12 months, have you or your spouse/partner started saving more of your money or started to cut back on your spending?
|
|
25-49 | 50+ | Total |
| Yes, started saving more money | 33% | 22% | 28% |
| Yes, started to cut back on spending | 70% | 71% | 71% |
| No | 21% | 21% | 21% |
(Asked of those who have started saving more or started cutting back on spending)
Indicate if each of the following is a major reason that you may start saving more or start cutting back on spending.
| 25-49 | 50+ | Total | |
| Want to have more money saved for retirement | 38% | 53% | 46% |
| Want to have more money available for emergencies | 63% | 61% | 62% |
| Think you/your spouse/partner may lose a job in the next 12 months | 32% | 22% | 27% |
| You/your spouse/partner have lost a job in the past 12 months | 26% | 23% | 25% |
| Your household income has declined in the past 12 months | 42% | 36% | 39% |
Are you or your spouse/partner currently saving for retirement?
| 25-49 | 50+ | Total | |
| Yes | 57% | 44% | 51% |
| No | 42% | 34% | 38% |
| Not applicable (including retired) | 1% | 21% | 11% |
(Asked of those currently saving for retirement)
In which of the following types of accounts are you saving money for retirement?
| 25-49 | 50+ | Total | |
| 401(k) | 78% | 53% | 67% |
| IRA | 34% | 45% | 38% |
| Annuity | 16% | 22% | 18% |
| Non-retirement mutual fund, outside of a retirement account | 19% | 20% | 19% |
| Bank accounts | 7% | 11% | 8% |
| CDs | 3% | 3% | 3% |
| Pension | 3% | 2% | 2% |
| Stocks/bonds | 2% | 1% | 1% |
| Other | 2% | 1% | 2% |
| Don’t know | 1% | 6% | 3% |
| Refused | 2% | 1% | 1% |
(Asked of those currently saving for retirement; yes responses)
In the past 12 months, have you or your spouse/partner…
| 25-49 | 50+ | Total | |
| Started putting less of your money in a 401(k), IRA or retirement accounts | 27% | 34% | 30% |
| Stopped putting money into a 401(k), IRA or other retirement accounts | 17% | 24% | 20% |
| Started saving in a 401(k), IRA or other retirement account | 28% | 20% | 25% |
| Prematurely withdrew money from your retirement savings | 10% | 17% | 13% |
| Moved your retirement savings into less risky investments | 24% | 34% | 29% |
(Asked of those currently saving for retirement; yes responses)
In the past 12 months, have you or your spouse/partner…
| 25-49 | 50+ | Total | |
| Started putting less money in 401(k), IRA or retirement accounts | 27% | 34% | 30% |
| Stopped putting money in 401(k), IRA or retirement accounts | 17% | 24% | 20% |
| Started saving in a 401(k), IRA or other retirement accounts | 28% | 20% | 25% |
| Prematurely withdrew money from retirement savings | 10% | 17% | 13% |
| Moved retirement savings into less risky investments | 24% | 34% | 29% |
(Asked of those currently saving for retirement)
Roughly what percentage, if any, of your retirement savings have you (and your spouse/partner) lost over the past 12 months?
| 25-49 | 50+ | Total | |
| None | 17% | 9% | 14% |
| Some, but not more than 10% | 7% | 10% | 9% |
| At least 10%, but not more than 20% | 16% | 17% | 17% |
| At least 20%, but not more than 30% | 15% | 23% | 19% |
| At least 30%, but not more than 50% | 24% | 28% | 26% |
| 50% or more | 11% | 8% | 10% |
| Don’t know | 6% | 4% | 5% |
| Refused | 2% | 1% | 1% |
Under the recent stimulus bill signed by President Obama, Social Security recipients will receive a stimulus check of $250. Workers making up to $75,000 per year receive $400 for individuals and $800 for couples, through payroll tax credits. If you receive this rebate, do you plan to…
| 25-49 | 50+ | Total | |
| Spend all/some of it | 64% | 62% | 63% |
| Save all of it | 26% | 25% | 26% |
| Don’t qualify for the rebate | 8% | 8% | 8% |
| Don’t know | 2% | 4% | 3% |
(Asked of those who plan to spend all or some of rebate; yes responses)
Do you plan to spend at least some of the money on:
| 25-49 | 50+ | Total | |
| Paying down consumer debt | 58% | 36% | 48% |
| Medical needs (i.e prescription drugs, eyeglasses, dental work) | 41% | 52% | 46% |
| Personal necessities (i.e food, clothing) | 68% | 66% | 67% |
| Tuition (yours or family member) | 22% | 13% | 18% |
| Luxury goods (i.e. TVs, hobbies, new car) | 26% | 16% | 21% |
| Energy bills (i.e. heating, gasoline) | 53% | 51% | 52% |
| Taking a vacation/dining out | 38% | 36% | 37% |
| Housing expenses (i.e. repairs, mortgage, rent) | 63% | 47% | 55% |
Survey of 1,035 adults age 25 and older conducted by ICR between Feb. 27 and March 8, 2009.
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