37% Of Millennials Say They Won’t NEED Social Security When They Retire, But 43% Have Less Than $5K Saved

37% Of Millennials Say They Won’t NEED Social Security When They Retire, But 43% Have Less Than $5K Saved

What does retirement look like to you?  Have you ever thought about how you want to spend your days after you stop working for good?

In October of 2018, Provision Living surveyed 2,000 Americans and asked them to envision their ideal retirement lifestyle. Surveyed respondents were surveyed on everything from ideal retirement age, to retirement savings, to where they pictured themselves living when they’ve retired.

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Let’s take a deeper look at what they found to see how Americans envision spending their golden years in retirement.

The survey found that 52% of Americans think about retirement 4 or more times per week. The dream age for retirement varied between the different generations that were surveyed although the average dream age to retire was 60 years old. Boomers said 64 years where Millennials were more optimistic saying they hoped to retire by age 56.

Surveyed respondents were also asked about their ideal local to retire.  They found that over 78% of respondents were happy to retire in the United States.  Only 21% wanted to retire aboard and the top country that people wanted to retire abroad was Italy.

Listed below are the top American cities that people want to live in when they retire:

  1. Miami
  2. San Diego
  3. Denver
  4. New York
  5. Orlando
  6. Honolulu
  7. Los Angeles
  8. Portland
  9. San Francisco
  10. Seattle
  11. Dallas
  12. Las Vegas
  13. Austin
  14. Houston
  15. Tampa
  16. Boulder
  17. Charleston
  18. Sarasota
  19. Nashville
  20. Asheville

The survey also took a deep dive into finances to see just how much money Americans had saved for retirement.  As you can imagine the outlook was not good.  43% of millennials currently have less than $5,000 saved for retirement. 37% of millennials think they won’t need social security when they retire and 39% of people believe they won’t be financially security enough to live without social security. They survey also showed that Americans believe they will need at least $610,000 to retire, however most expect to only have $276,000 saved by the time they retire.

The survey then looked at how people want to spend their free time when they retire.  53% of respondents said they plan to have more sex when they retire than they do now! 53% said they plan to work part-time when they’ve retired and over 68% said the plan to volunteer more when they retire. Over 50% of respondents said they would prefer to spend over half of their day either relaxing or traveling.

The full breakdown of the American dream retirement from Provision Living can be seen in the graphic below.

Saved For Retirement

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Jacob Wolinsky is the founder of ValueWalk.com, a popular value investing and hedge fund focused investment website. Jacob worked as an equity analyst first at a micro-cap focused private equity firm, followed by a stint at a smid cap focused research shop. Jacob lives with his wife and four kids in Passaic NJ. - Email: jacob(at)valuewalk.com - Twitter username: JacobWolinsky - Full Disclosure: I do not purchase any equities anymore to avoid even the appearance of a conflict of interest and because at times I may receive grey areas of insider information. I have a few existing holdings from years ago, but I have sold off most of the equities and now only purchase mutual funds and some ETFs. I also own a few grams of Gold and Silver

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