National poll results – Countdown to Retirement
Baby Boomer Views on Retirement Money
- 70 percent of baby boomers say they will pay greater attention to controlling their personal
finances in retirement than they do now. In comparison, 64 percent of current retirees say they
pay greater attention to controlling their finances now than before they were retired.
- Only one in seven baby boomers say they plan to
collect Social Security benefits at age 62. In comparison,
one-third of current retirees said they began collecting
Social Security at age 62.
- 16 percent of baby boomers say all or most of their future retirement income will come from
Social Security. In comparison, twice as many (31 percent) of existing retirees say Social Security
makes up all or most of their current income.
Baby Boomer Use of Direct Deposit and other Financial Tools
- Baby boomers with bank accounts are twice as likely as people 61 and older to use online banking
(47 percent vs. 24 percent) and online bill pay (37 percent vs. 18 percent). They are also the
population most likely to have a checking account (95 percent) or savings account (77percent).
- One in four (25 percent) baby boomers receive their
wages, salary or other regular payment by paper check.
That compares to just 13 percent of people ages 61 and
over.
But even among boomers there are disparities:
- Older baby boomers (ages 51-60) are less likely than younger baby boomers (ages 42-50) to use online banking (36 percent vs. 56 percent).
- Older boomers (ages 51-60) are less likely than boomers overall to enroll in direct deposit within the next year for their wages or other regular payments (18 percent vs. 30 percent).
- 40 percent of baby boomers who are unlikely to start using direct deposit in the next year say they don’t trust or like direct deposit for a variety of reasons.
- Nearly 40 percent of boomers ages 42-50 access the Internet or World Wide Web for things other than sending or receiving email more than once a day; compared to 30 percent for older boomers ages 51-60.
These results are of a nationally representative telephone survey of 1,003 adults, age 18
and over, conducted October 23-November 12, 2006, by KRC Research. The margin of error for
the overall study is +/-- 3.1 percent at the 95 percent confidence level.
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