New Retirement Survey From Merrill Lynch & Age Wave.pdf

A new survey by Merrill Lynch in partnership with Age Wave, titled Family & Retirement: The Elephant in the Room, reveals three key trends among Americans approaching retirement:

1. Intergenerational Financial Support: Over 60% of individuals aged 50 and above provide financial assistance to family members, with slightly over 50% considered the primary "family bank." This role often falls on those who have historically been most financially responsible.

2. Retirement Concerns: The two biggest worries are becoming a burden (requiring physical care) and having insufficient resources. Gen Xers express the most anxiety about running out of money, while older individuals fear Alzheimer's disease more, while younger ones worry about cancer.

3. Communication Gap in Retirement Planning: Lack of conversation around retirement is primarily due to avoiding family conflict, discomfort with the topic, and belief that it won't matter.

Conclusions:

- Plan for the well-being of your entire family, not just yourself.
- Family structure significantly impacts retirement readiness.
- Start planning early for long-term care needs.
- Initiate open dialogue with your family about retirement plans to ensure everyone is on the same page.