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The New American Family: The MetLife Study of Family Structure and Financial Well-Being
The New American Family: The MetLife Study of Family Structure and Financial Well-Being
Source: MetLife
Key Findings
- Retirement security remains a major concern for a large percentage of Americans across all family types, particularly concerns about being able to maintain a “reasonable” standard of living for the rest of their lives.
- The presence of children is both a financial burden (half of those with adult children have provided them some financial assistance) and a potential source of support (one-fourth of respondents expect children to help retired parents in need).
- More couples than non-couples have taken action to lower their debt, have met with a financial advisor, and have invested for their retirement.
- More single women believe it’s harder for them to save for retirement than respondents who are married or have a blended family.
Transitioning into Retirement: The MetLife Study of Baby Boomers at 65
Despite the popular belief that Baby Boomers will continue to work well past the traditional retirement age of 65, those born in 1946 are retiring in droves, according to Transitioning into Retirement: The MetLife Study of Baby Boomers at 65. This study is a follow–up to the 2008 MetLife Mature Market Institute study, Boomer Bookends: Insights into the Oldest and Youngest Boomers (released in 2009), which looked at the same segment of Boomers at age 62 and includes 450 of the same interview subjects from the original study.The study reports that 59% of the first Boomers to turn 65 are at least partially retired – 45% are completely retired and 14% are retired, but working part-time. Of those still working, 37% say they’ll retire in the next year and on average plan to do so by the time they’re 68. Half (51%) of those who are retired say they retired earlier than they had expected. Of those who retired early, four-in-ten say they did so for health reasons. The majority (85%) of respondents consider themselves healthy, and almost all (96%) retirees say they like retirement at least somewhat. Seven-in-ten (70%) like it a lot.Almost two-thirds, 63% of respondents, are already collecting Social Security benefits, and on average began doing so at the age of 63, defying the conventional wisdom that people would choose to wait to receive benefits until a later age in order to receive a higher payout. Among those in the survey, just over 60% are confident that the Social Security system will be able to provide adequate benefits for their lifetime.Regarding the attitude of these respondents, the data shows that 43% of those polled are optimistic about the future. Of the 19% who are pessimistic about what’s ahead, 49% fault the government and 21% blame the economy. The 65-year-old Boomers do not consider themselves old; on average they won’t consider themselves to be old until they’re age 79, a year older than reported in 2007.
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2011 MetLife Survey of the American Teacher
2011 MetLife Survey of the American TeacherSource: MetLife Foundation
From press release (PDF):
Teachers are less satisfied with their jobs than they have been in decades, but parent engagement with schools has increased, according to the MetLife Survey of the American Teacher: Teachers, Parents and the Economy, the 28 th in an annual series commissioned by MetLife and conducted by Harris Interactive. The report, based on a survey of public school teachers, parents and students during the current school year, is the first large-scale national survey to fully reflect the effects of the economy on the teaching profession.
Teacher job satisfaction has fallen by 15 percentage points since 2009, the last time the MetLife survey queried teachers on this topic, from 59 percent to 44 percent responding they are very satisfied. This rapid decline in job satisfaction is coupled with a large increase in the number of teachers reporting that they are likely to leave teaching for another occupation (17 percent in 2009 vs. 29 percent today). Teachers are also more than four times as likely now than they were five years ago to say that they do not feel their job is secure (34 percent today vs. 8 percent in 2006, the last time this question was asked). In addition, 53 percent of parents and 65 percent of teachers today say that teachers’ salaries are not fair for the work they do.
The MetLife Tips for Types Workbook: Real-Life Strategies for the Retirement You Want
The MetLife Tips for Types Workbook: Real-Life Strategies for the Retirement You Want (PDF)
Source: MetLife Mature Market Institute
You may want to begin a conversation about planning — with your spouse or partner, another family member, a financial planner, or other advisor. It may help to first understand how you think about preparing for retirement and what type of planner you are. This workbook can help you identify your thinking and planning type. Based on these insights, we offer tips and resources for moving forward from wherever you are in your pursuit of a comfortable retirement and a flexible retirement strategy. You’ll also find a special section of insights and tips for couples.
2011 Market Survey of Long-Term Care Costs
2011 Market Survey of Long-Term Care Costs
Source: MetLife Mature Market Institute
Key Findings
- The national average daily rate for a private room in a nursing home rose 4.4% from $229 in 2010 to $239 in 2011.
- The national average monthly base rate in an assisted living community rose 5.6% from $3,293 in 2010 to $3,477 in 2011.
- The national average daily rate for adult day services rose 4.5% from $67 in 2010 to $70 in 2011.
- The national average hourly rates for home health aides ($21) and homemakers ($19) were unchanged from 2010.
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The MetLife Study of Women, Retirement, and the Extra-Long Life
The MetLife Study of Women, Retirement, and the Extra-Long Life
Source: MetLife Mature Market Institute
Though women experience extra-long lives and, therefore, face a number of unique risks in retirement — including aging single, lower annual retirement incomes, greater health care costs, and caregiving responsibilities — women have not planned adequately, leading to a significant gap between their retirement income security needs and their response to them. In conjunction with the study we have produced a “Woman on the Street” video where women express their opinions on retirement preparation.
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Key Findings
- Two in five women (39%) expect to live to age 90+, an age that exceeds the actual average life expectancy at a comparable age to those surveyed. Men in the study anticipated living to 90+ at half that rate (20%).
- Seven of ten women (71% vs. 63% of men) report being either very or somewhat concerned about providing for their own or their spouse’s long-term care needs and are nearly twice as likely as men to be very concerned (27% vs. 15%).
- More than half of women (53%, and an equal percentage of men) respond to unexpected financial emergencies by dealing with them “if and when they happen” as opposed to planning for possible scenarios and contingencies.
- More men than women (34% vs. 28%) report getting serious about retirement income and expense decisions/calculations in their 20s and 30s. About one-third of men and women (32% and 36%) got serious in their 40s. One in three men (32%) and over one in four women (28%) did not get serious until their 50s and 60s.
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Preventing Elder Financial Abuse (For Older Adults)
Preventing Elder Financial Abuse (For Older Adults) (PDF)
Source: MetLife Mature Market Institute
Men and women of any race, economic level, and health status can be a victim of elder financial abuse or exploitation. The individual trying to take advantage of you may be a stranger or someone you trust — even a son, daughter, or other family member. As an older adult, you need to be aware of precautions, behaviors, and actions that can help protect you from becoming a victim of financial abuse or exploitation at the hands of others.
These Tips have been prepared in collaboration with the National Committee for the Prevention of Elder Abuse (NCPEA) and the Center for Gerontology at Virginia Polytechnic Institute and State University.
The MetLife Report on American Grandparents
The MetLife Report on American Grandparents
Source: MetLife Mature Market Institute
There are 65 million grandparents in the U.S., an increase from 40 million in 1980. More than one in every four adults is a grandparent. A long way from being dependent, households that are headed by someone 45 to 64 years old command almost half (46%) of the nation’s total household income. If households older than age 65 are added in, the grandparent age share of the nation’s income rises to 60%, which is a full 10 percentage points higher than it was in 1980.
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Best-Case Strategies for a Flexible Retirement
Best-Case Strategies for a Flexible Retirement
Source: MetLife Mature Market Institute
From press release (PDF):
While Americans think they may be planning for retirement, they may not be preparing for the unexpected events that may interfere with their plans, according to a new study produced by the MetLife Mature Market Institute. Such oversights may cost them, but for many it is not too late to make the necessary changes.
“Best-Case Strategies for a Flexible Retirement: The MetLife Study of Thinking About Retirement in Uncertain Times,” classifies the various types of retirement planners and gives examples of the most successful among them – the “Preemptive Planners.” Preemptive Planners are those who are prepared for the unanticipated scenarios that may come their way, like having to retire early because of health issues or the loss of a job, retiring late for financial reasons and other factors like tenuous health care coverage, long-term care costs, vanishing defined-benefit plans and the vagaries of the stock market. Unexpected expenses for health care, housing, family support or other emergencies, according to the data, can be a one-time or ongoing expense for six months or longer. They can cost anywhere from $6,700 to $8,300 for each occurrence.
Produced in conjunction with the Scripps Gerontology Center at Miami University, the survey was based on in-depth personal interviews with 50 pre- and post-retiree, couples and individuals, and a nationally representative online survey of 1,007 respondents age 50-70.
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