Titre

1
AXA Retirement Scope A global survey on life,
work and retirement
Results for the U.S., with international
comparisons
2
Summary

• 1 Introduction
• Objectives p.3
• Methodology p.4
• 2 Analysis
• How do people see retirement? What are the
  activities
• of retirees? p.10
• How do people prepare for retirement? p.48
• Are people happy? p.70
• Use of technology, progress, holidays, other
  topics p.75
• 3 Conclusions p.92

3
Introduction AXA Retirement Scope Objectives

• Explore and understand the attitudes towards
  retirement.
• Compare retirement perceptions and reality from
  working and retired people.
• Analyze the results for U.S. from an
  international point of view.
• A major benchmark study on retirement

4
AXA Retirement Scope Methodology

• Geographical coverage a total of 9,200 people
  interviewed in 15 countries.

Netherlands
Belgium
Canada
UK
Germany
France
Spain

• Arial 14

Japan
United States
Portugal
Italy
Hong Kong
Singapore

• Arial 14

Australia
New Zealand
Base n300 working, n300 retired Specifically
for the US n403 working, n410 retired
5
Methodology

• American sample structure
• 403 working people over 25 years old / 410
  recently retired and retired people less than 75
  years old.
• Sample representative of the two populations
  for criteria on age, gender, region and
  occupation of the head of household.
• Telephone interviews carried out by AC Nielsen
• Questionnaire 20 minutes
• Fieldwork dates October 11 November 7, 2004

6
Sample (1/4)Gender Age
Base n403 working, n410 retired
7
Sample (2/4)Regions
Base n403 working, n410 retired
8
Sample (3/4)Occupation of the head of household
Base n403 working, n410 retired
9
Sample (4/4)Family situation
Base n403 working, n410 retired
10
How do people see retirement? What are their
retirement activities?Working population
versus retired people
11
1. What is the ideal retirement age? Those who
still work dream of an early retirement at 55 -
or even 52 for the youngest of them.
Nevertheless, they are realistic in thinking that
they will retire later than their elders.
Socio-demographic analysis
Average age
Male 54 years Female 57 years
years
25-44 years 52 years 45 years and more 60 years
years
45-64 years 55 years 65-75 years 60
years Midwest 61 years
Male 62 years Female 64 years
25-44 years 62.years 44 years and more 64
years
years
years
45-64 years 54 years 65-75 years 60 years
Midwest 59 years
Base n403 working, n410 retired
Q.11 Working And, ideally, at what age would you
like to retire? Retired If you had the chance to
retire again, at what age would you have
retired? Q.10 Working At what age do you think
you will be able to retire? Retired At what age
did you retire?
12
1. What is the ideal retirement age? In the
U.S., the ideal retirement age corresponds to the
global average, but actually the U.S. workers
thinks they will retire later than workers in
other countries.
Age people would like to retire
Actual retirement age
Average age
13
2a. What do people think about increasing the age
for retirement at their place of employment?An
increase of the retirement age enforced in the
workplace is largely debated. Workers agree that
61 should be the maximum age for collecting
retirement benefits.
Working
Retired
Regarding the increasing of the retirement age in
place of employment






Approve Disapprove Neither approve nor
disapprove Do not know


Socio-demographic analysis
Socio-demographic analysis
Low income 58 Middle income 50
Low income 38
25-44 years 60 years 45 years and more 62 years
years
years
45-64 years 60 years 65-75 years 64 years
Base n403 working, n410 retired
Low income less than 25,000 Middle income
from 25,000 to 49,999 High income 50,000
and over
Q.12 Working and Retired What would you think
if the age for retirement in your place of
employment was increased? Q.13 In your opinion,
at what age should one be able to collect full
retirement benefits? (i.e benefits coming from
work, pensions, 401K, government benefits, etc)
14
2a. What do people think about raising the
retirement age limit?Similar to Canadians and
Asians, Americans attitudes against extending
the retirement age limit are very different from
that of Europeans.
Up to what age can the retirement age be
increased (average)
who disapprove of increasing the retirement age
limit
No question for Australia, New Zealand
For New Zealand, USA, Canada, Hong Kong,
Singapore postponed of few years
15
2b. What do people think about raising the age to
receive governmental social security benefits?
A clear majority of both workers and retirees
is opposed to postponing the payment of
government social security benefits, but the
opinions of the older retirees are mixed.
Working
Retired

Regarding the increasing of the age to receive
social security benefits







Approve Disapprove Neither approve nor
disapprove Do not know
Socio-demographic analysis
Socio-demographic analysis
Midwest 28
45-64 years 58 65-75 years42
45-64 years 27 65-75 years40
Question asked only in the U.S.
Base n403 working, n410 retired
Q. 12b Working and Retired What would you think
if the age to receive governmental social
security benefits was increased?
16
3. What spontaneous thoughts come to mind when
thinking about the word retirement? Retirement
is seen as a positive change, even more among
retirees. Retirement is especially associated
with having more time for oneself and to enjoy
life.
Finally I have time to do other things/to do
things I am interested in Finally I will be able
to enjoy my life Finally I have time to spend
for myself End of work Finally I have nothing
to do Finally I have time to spend for
others Rest Travels Leisure activities To
have money/ to reach the age to receive pension/
insurance/ a stable income 0ld Death Poor Ill
Do not know
In
Socio-demographic analysis
Northeast 21
Middle income 21 High income 21
Middle income 15 High income 19
Total positive images Working 51 Retired 56
Midwest 14
High income 63
Total negative images Working 13 Retired 13
45-64 years 10 65-75 years 5
Base n403 working, n410 retired
Q.25 Working and Retired What thoughts come to
mind when thinking about the word
Retirement? SPONTANEOUS PRE CODED QUESTION
17
3. What spontaneous thoughts come to mind when
thinking about the word retirement? For a
majority of Americans, the word retirement evokes
positive images and, compared to other countries,
very few negative images.
In
Total positive images
Total negative images
In
18
4. Which activities are most popular among
retirees? Retirement is richly spent in physical
and manual activities travel, sports, volunteer
work with an association, hobbies, gardening,
do-it-yourself projects. Women and men engage in
different types of activities women have more
social and home-based activities, while men are
more sports-oriented.
Socio-demographic analysis
In
Male 41 Female 52 Middle income 48, High
income 51 45-64 years 31, 65-75 years 40,
Middle income 39, High income 48
Travel A hobby, particular interest Sport
Voluntary work Gardening/DIY Visit the
family Cultural interests, reading Social life,
meet with friends Walking/hiking Join
groups/associations Day trips/visits Back to
college studies Ill continue working Enjoy my
grandchildren Buy or build a house Do not know
Male 24 Female 15 Male 24 Female 12
Male 7 Female 12
High income 22
Male 6 Female 14, Northeast 18
Middle income 21
Northeast 15
Male 7 Female 17
Male 4 Female 12
Northeast 12
Male 7 Female 13
Male 5 Female 12
Base n403 working, n410 retired
Q.28 Working Which activities and projects would
most interest you when retired? Retired What
kind of activities do you do since you retired?
SPONTANEOUS PRE CODED QUESTION
19
4. Which activities are most popular among
retirees? (1/3) Both retired and working
Americans alike are among the most interested in
travelling and sports. These are their two main
aeas of interest, unlike other countries.
Accordingly, hobbies are more secondary in the
U.S. than elsewhere, where they rank in ninth
position.
A hobby, a particular interest
Sport
Travel
In
20
4. Which activities are most popular among
retirees? (2/3) In the United States, compared
to other countries, people show relatively little
interest for home activities gardening or
do-it-yourself activities or voluntary work and
cultural activities.
Cultural interest,Reading back to college /
studies
Voluntary work join associations
Gardening / DIY
In
21
4. Which activities are most popular among
retirees? (3/3) The same is true for activities
such as walking/hiking, family, social life or
excursions.
Go on day/trips/visits
Walking / hiking
Visit the family social life
In
22
5. For how long do people go on vacation?
One out of two
workers/retirees go on vacation. Retirees tend to
go on longer vacations than the working
population. Overall, older retirees travel more,
but income is an important factor in taking
vacations.
Working
Retired
Did you go on vacations?




Socio-demographic analysis
45-64 years 51, 65-75 years 60

How many days?
16 days
35 days
Base 219 working go on vacations
Base 232 retired go on vacations
Base n403 working, n410 retired
Q.8 Working and Retired Have you been on
holiday in the last twelve months, i.e. have you
spent more than 5 days away from home? Q.9
Working and Retired How many days have you
spent on holiday over the last twelve months?
23
5. For how long do people go on
vacation? Working or retired Americans alike
take fewer vacations than Europeans. Working
Americans tend to take short vacations, while
retirees stay away for a longer time.
Did you go on vacation this year?
How may days?
In of  YES 
Number of days
25 days
36 days
22 days
33 days
21 days
36 days
21 days
31 days
19 days
31 days
19 days
27 days
19 days
25 days
19 days
24 days
17 days
22 days
17 days
18 days
16 days
35 days
13 days
30 days
13 days
26 days
12 days
23 days
9 days
11 days
24
6. What role should retired people play? There
is a wide consensus on the role of retirees in
society and the family. Offering financial
support to family is largely accepted as part of
this role.
In  YES 
Socio-demographic analysis
25-44 years 96 45 years and more 91
To look after their grandchildren Knowledge
and life experience transfer To get involved
in community life / join associations To
help financially their children / grandchildren
Middle income 94 High income 92
Male 78 Female 85 High income 91
Northeast 84, Midwest 85
Northeast 81
Base n403 working, n410 retired
Q.29 Working and Retired What role should
retired people play? AIDED QUESTION
25
6. What role should retired people play?
(1/2) For Americans, retirees have a major role
to play by transmitting their knowledge and
experience this seems to be a global consensus,
except in the Netherlands. Beyond that,
involvement in community life ranks as
importantly.
To get involved in community life
Knowledge and life experience transfer
In of YES
26
6. What role should retired people play?
(2/2) Other values emphasized in the U.S.
include looking after their grandchildren and
helping out financially.
To help financially their children / grandchildren
To look after their grandchildren
In of YES
27
7. How should children support their retired
parents? Strong family solidarity
very wide consensus on a childs duty to offer
moral support to his or her elderly parents. Less
emphasis is placed on the duty to provide
financial assistance, except among low incomes
and younger workers.
In of YES 
Socio-demographic analysis
Presence, regular visits Material aid other
than financial Financial aid
Male 75 Female 64 25-44 years 76 45
years and more 63 Low income 80
25-44 years 46 45 years and more 34 Low
income 54
Base n403 working, n410 retired
Q.32 Working and Retired Do you think children
should support their retired parents by? AIDED
QUESTION
28
7. How should children support their retired
parents? While material and financial support to
older parents is seen as a moral and emotional
duty for Americans as in other countries, it is
slightly less emphasized than in other countries.
Material aid other than financial
Financial aid
Presence, regular visits
In of YES
29
8. Can retired people rely on their family in
case of illness? Families would show solidarity
in the event of illness.
In of YES
Socio-demographic analysis
- Low income 64
Male 69 Female 81 45-64 years 68 65-75
years 78 - Low income 68
Base n403 working, n410 retired
Q.31 Working Having retired, do you think you
could rely on your family if you became ill?
Retired Do you think you could rely on your
family if you became ill?
30
8. Can retired people rely on their family in
case of illness? Just as in other
English-speaking countries, family support is
strong in the U.S. However, it is not quite as
strong as in southern European countries.
who think that they will be able to rely on
their family in case of illness
In of  YES 
31
9. At what age do people consider somebody as
old?We become old later for those who still
work, starting from 73 years of age, and even
later for retirees, at 75!
Working
Retired
Average age
Male 72 years Female 75 years 25-44 years 73
years 45 years and more 75 years Midwest 75
years High income 74 years
75 years
73 years
Male 74 years Female 76 years Midwest 76
years High income 75 years
Base n403 working, n410 retired
Q.33 Working and Retired In your opinion, is
somebody old when aged  ?
32
9. At what age do people consider somebody as
old? Broad consensus worldwide on the age at
which people grow old.
Retired
Working
33
10. What are the factors that signify getting
old?Retirement is not synonymous with age.
Illness and loss of mobility are the true signs
of old age, much more than the number of years.
Socio-demographic analysis
In
Loss of mobility, autonomy Illness Pains Loss of
independence Retirement Loss of memory Loss of
energy / vitality No longer working To become
grandparent None Do not know
Midwest 43
Middle income 23 High income 23
Male 26 Female 34, Middle income 33, High
income 30
Male 8 Female 4
Base n403 working, n410 retired
Q.35 Working and Retired What are the factors
that signify that you are getting old?
SPONTANEOUS PRE CODED QUESTION
34
10. What are the factors that signify getting
old? In the U.S. as elsewhere, old age is
barely or hardly associated with retirement. It
is mainly symbolized by disease and loss of
autonomy.
Loss of independence
Loss of mobility / autonomy
In
Retirement
Illness
35
11. What would be the ideal living arrangement
during retirement? Workers dream more of moving
away this wish is stronger among under-45s and
men. For retirees, on the contrary, staying at
home is the ideal arrangement. There is some
attraction to residence complexes for retired
people, mostly among retired women.
In
Socio-demographic analysis
25-44 years 62 45 years and more 81
Staying at home Moving to another region or
another country or the countryside Going to a
residence complex for retired people Going to
an assisted living residence Going to your
childrens home
45-64 years 73 65-75 years 81
Male 28 Female 19 25-44 years 31 45
years and more 15 West 34, Low income 30
45-64 years 19 65-75 years 11 West 21
Male 3 Female 8
Base n403 working, n410 retired
Q.26 Working and Retired From the following
options, what would be your ideal living
arrangement during retirement? AIDED
QUESTION-ONE ANSWER
36
11. What would be the ideal living arrangement
during retirement? Some working Americans, as
everywhere else, dream of spending their
retirement in another region. In reality, they
spend their retirement at home.
In
Going to a residence complex for retired people
Going to your childrens home
Moving to another region or another country or
the countryside
Staying at home
In
37
12. Where do retired people live most of the
time?An overwhelming majority of retired people
live at home.
At home, in your house / flat You share
your time between two places In a residence
complex for retired people At your
childrens home
Socio-demographic analysis
In
Retired
Male 1 Female 4
Base n410 retired
Q.27 Retired Where do you live most of the time?
38
12. Where do retired people live most of the
time? Like everywhere else in the world, except
in Hong Kong, American retirees live at home.
At home, in your house / flat
At your childrens home
In
Retired
39
13. Is or will your retirement income be higher,
as high or lower than your last salary? For a
large majority, retirement income is lower than
wages earned when working, especially among lower
income earners. Young working men are more
optimistic than the others.
Working
Retired






Socio-demographic analysis
Socio-demographic analysis
Male 23 Female 16 25-44 years 26 45 years
and more 13 High income 22
Low income 89
High income 17
Low income 72
Base n403 working, n410 retired
Q.14 Working Do you think that your retirement
income will be higher, as high or lower than your
last salary? Retired Is your retirement income
higher, as high or lower than your last salary?
40
13. Is or will the retirement income be higher,
as high or lower than the last salary? Americans
are among the least pessimistic about changes to
their retirement income.
In lower retirement income
41
14. What standard of living do you anticipate in
retirement? Two out of three workers believe
their standard of living will improve or remain
the same. This perception accurately reflects
the reality experienced by retirees.
Working
Retired






Will be improved/has improved Will remain the
same/remained the same Will decrease/decreased
Socio-demographic analysis
Socio-demographic analysis
Male 23 Female 35 Low income 60
25-44 years 27 45 years and more 41 South
39 Low income 56
High income 28
Base n403 working, n410 retired
Q.15 Working Do you think that your standard of
living will be improved, will remain the same or
will decrease after you retire? Retired Do you
think that your standard of living has improved,
remained the same, or, decreased since you have
retired?
42
14. What standard of living do you anticipate in
retirement? A significant percentage of American
workers and retirees are positive about changes
to their retirement lifestyle.
Decreasing
Improvement
Stability
The Netherlands
Belgium
Canada
Japan
New Zealand
Australia
USA
UK
Portugal
France
Italy
Canada
Germany
Spain
Singapore
Hong Kong
43
15. Will your retirement income be
sufficient?Retirement income is seen as
sufficient for six out of every ten workers or
retirees.
Working
Retired
In
62
61
Completely sufficient Sufficient Insufficient Comp
letely insufficient Do not know
38
35
Socio-demographic analysis
Socio-demographic analysis
Male 12 Female 6
Male 69 Female 54 Middle income 65 High
income 74
Middle income 55, High income 73
Base n403 working, n410 retired
Q.17 Working Do you think that the amount of
your retirement income will beRetired Do you
consider this amount to be
44
15. Will your retirement income be
sufficient? American retirees, and retirees in
most countries, are satisfied with their current
retirement income. At the same time, the working
population is optimistic.
In Completely sufficient sufficient
45
16. What is the total of your retirement
income?Those who work are not well informed of
their future retirement those over 55 are better
informed. The current amount of retirement income
practically meets needs.
Working
26 know the amount of their future retirement
income
High income 34
Retired
2,198
1,993
Average amount needed per month for household
expenses
Average amount of retirement income per month
Male 2,452 Female 1 889 Northeast 3 035,
Low income 1,279 Middle income 2,181 High
income 3,385
1,637
1,412
Median amount of retirement income
Median amount needed for household expenses
28
Do not know/ No answer
Do not know/ No answer
20
Q.18 retired How much would you need per month
for your household expenses?
Q.16 Retired What is the total net monthly
amount of all your pensions?
Base n403 working, n410 retired
46
16. Do working people know their future
retirement income? American workers are among
the most informed about the amount of their
retirement income, just as the Germans and the
Dutch. On the opposite end are the French,
Portuguese and the Spanish.
In of YES
Working
47
16. What is the total of your retirement
income? American retirees enjoy a relatively
high retirement income, compared to other
countries. They believe income will meet
expenses (which is not the case in several other
countries).
48
How do people prepare for retirement ?Working
population versus retired people
49
1. At what age do people prepare for
retirement? Retirement calls for preparation
early on and most working people have already
begun this. The degree of preparedness is
strongly correlated to income level.
Average age
Socio-demographic analysis
Male 33 years Female 35 years 55 years and
over 36 years
years
years
45-64 years 34 years 65-75 years 38
years Northeast 38 years Midwest 38 years Low
income 38 years Middle income 39 years
In
25-44 years 68 45 years and more
79 Northeast 78 Midwest 83
Base n403 working, n410 retired
Q.20 Working At what age do you think people
start preparing retirement? Q.20 Retired at what
age did you start preparing for your retirement?
Q.21 Working Have you prepared for your
retirement?
50
1. At what age do people prepare for
retirement? As in most countries, Americas
workers think that they must start planning for
retirement earlier than their elders did. They
rank first among all workers in planning ahead,
contrary to southern Europeans and the Japanese.
having prepared for their retirement
Actual age for preparing (average)
51
2. Should people make arrangements to ensure
independence in case of illness ? Maintaining
ones independence in the event of illness has
become an absolute necessity, in connection with
longer lifespans.
In of YES
Socio-demographic analysis
- Low income 80
West 80
Base n403 working, n410 retired
Q.30 Working Do you think you should make
arrangements now to ensure your independence in
case of illness? Retired Have you made
arrangements to ensure your independence in case
of illness?
52
2. Should people make arrangements to ensure
independence in case of illness ? American
workers and retirees alike plan ahead to ensure
their independence in case of illness. The least
prepared are the Southern Europeans and the Dutch.
In of YES
53
3. Do people prepare for retirement from a
non-financial point of view? Psychologically,
people prepare themselves for retirement early
on, in priority with respect to where they will
live.
In of  YES 
Socio-demographic analysis
In
Male 59 Female 41
Base n403 working, n410 retired
Q.24 Working With regards to your retirement,
have you planned for the following? Retired With
regards to your retirement, had you planned for
the following?
AIDED QUESTION
54
3. Do people prepare for retirement from a
non-financial point of view? Americans are at
the top in planning ahead for where they will
live and what they will do when they retire.
In of YES
Place of living
Your activities
55
4. Are people well-informed concerning their
retirement conditions?Those who still work are
relatively well informed of the conditions
surrounding their retirement, especially the more
wealthy.
Socio-demographic analysis
In of  YES 
Middle income 76 High income 80
Male 59 Female 41
High income 59
Middle income 75 High income 77
Base n403 working, n410 retired
Q.22 Working Do you consider you are well
informed about your retirement conditions
concerning ? Q.22 Retired Do you consider you
were well informed about your retirement
conditions concerning ?
56
4. Are people well-informed concerning their
retirement conditions?American, Dutch and German
workers are the best informed about their
retirement dates and the amount of their future
pension.
In of YES
The date you will / would retired
Amount of your pension
57
5. Which information sources on retirement are
consulted? Specialist financial advisers are the
most popular source of information on retirement,
especially among the working population.
Employers and banks are also among the most
common sources.
In
Socio-demographic analysis
Financial advisers specializing in pensions
Employers Banks Insurance companies/brokers
Government/Institutions Pension
Organizations Relatives/Kids Consumer
information center Media (TV, dailies,
magazines) Internet State run
organizations Trade Unions No specific
research Do not know
Midwest 39, West 41 High income 43
High income 33
Low income 26
Base n403 working, n410 retired
Q.23 Working Where would you go for advice and
information on retirement planning? Retired
Where did you go for advice and information on
retirement planning?
SPONTANEOUS PRE CODED QUESTION
58
5. Which information sources on retirement are
consulted? (1/2) As in many English-speaking
countries, the UK and Pacific-region countries,
financial advisers are a major source of
information. Government/State institutions are
not frequently consulted in the U.S.
Financial planners / advisers
In of YES
Government/ State
Insurance companies / brokers
Banks
59
5. Which information sources on retirement are
consulted? (2/2) In the U.S., slightly more
people tend to consult the media and their
employers.
Pensions organizations/ financial organizations
specialized in pensions
Media
Employers
In of YES
60
6.What arrangements have been made for securing
(future) income after retiring?Workers and
retirees take significant financial measures to
ensure a comfortable retirement income. They save
in more than one way via simple and special
savings plans and life insurance policies.
Socio-demographic analysis
In of  YES 
Middle income 66 High income 90
You are saving You have a savings plan with
fiscal advantages You have a life insurance
policy You have a specific pension savings
plan You have contributed to an insurance policy/
pension fund with your employer You have invested
in the real estate market
45-64 years 75 65-75 years 82
Middle income 84 High income 87
Middle income 55 High income 86
Middle income 68 High income 78
Middle income 57 High income 78
High income 71
Middle income 69 High income 77
Male 36 Female 47 25-44 years 51 45
years and more 61 High income 65
High income 50
25-44 years 41 45 years and more 52 Middle
income 34 High income 56
High income 57
One measure W 7 R 9 Two measures W
10, R 12 Three and over W 76, R 75
Base n403 working, n410 retired
Q.22 Working From a financial point of view,
what have you done, if anything, about securing
your retirement income? Retired From a financial
point of view, what had you done, if anything,
about securing your retirement income?
61
6. What arrangements have been made for securing
(future) income after retiring? (1/2) Americans,
working and retired alike, are among those who
invest most in a large variety of savings
products for their retirement.
Life insurance
Insurance policy / pension fund with employer
In of YES
62
6. What arrangements have been made for securing
(future) income after retiring? (2/2)
Specific pension saving plan
In of YES
Savings
63
7. How much do people save per month for their
retirement? Relatively high amounts saved.
Retired
Working
Average monthly amount saved for retirement
income
535
687
25-44 years 547 45 years and more 834
Northeast 750 South 856 High income 857
Northeast 702 High income 831
389
191
Median amount
38
16
Do not know/ No answer
Base n293 working having prepared retirement,
n410 retired
Q.22 Working How much do you save per month for
your retirement? Q.22 Retired How much did you
save per month for your retirement?
64
7. How much do people save per month for their
retirement? Americans are by far the leading
savers.
Working
Retired
65
8. Who should be responsible in providing the
pension?Working and retired people are
unanimous individual savings is the primary
source of financing for retirement.
In of  YES 
Socio-demographic analysis
The employee by saving regular amounts A
pension fund, specialised organizations The
employer The government
High income 92
Male 67 Female 77
Northeast 79
Male 53 Female 68 25-44 years 64 45 years
and more 55 Midwest 68 West 65, Low
income 78 Middle income 69
Northeast 64, Low income 71
Base n403 working, n410 retired
Q.19 Working and Retired In your opinion, who do
you think should be responsible in providing the
pension?
66
8. Who should be responsible in providing the
pension? (1/2)Americans as well as other
English-speaking countries, including Hong Kong
and Singapore, emphasize individual
responsibility. Therefore, they are among those
who expect the least from the State.
In of YES
The employee
The State / the government
Item non asked for Germans
67
8. Who should be responsible in providing the
pension? (2/2) American workers and retirees
assign a particularly important role to
organizations specializing in retirement issues
and employers.
A pension fund, specialised organizations
The employer/the company pension plan
In of YES
68
9. Do people expect a major retirement reform in
the next 10 years?Only four out of ten Americans
think there will be a retirement reform.
Working
Retired




Socio-demographic analysis
Socio-demographic analysis
Male 44 Female 32 Middle income 40, High
income 42
Middle income 43, High income 48
Base n403 working, n410 retired
Q.36 Working and Retired Do you expect a major
retirement reform in the next 10 years?
69
9. Do people expect a major retirement reform in
the next 10 years? Contrary to most countries,
American workers and retirees do not expect a
retirement reform in the next 10 years.
In of YES
70
Are people happy ?Working population versus
retired people
71
1. Are people happy in the U.S?Decidedly,
American workers and retirees are happy! Retirees
are even more likely to say very happy!
Working
Retired
In
92
90
Very happy Quite happy Not really happy Not happy
at all
10
8
Socio-demographic analysis
Socio-demographic analysis
South 52 Middle income 45 High income 55
High income 41
the very happy
Base n403 working, n410 retired
Q.3 Working and Retired Overall, to what extend
do you consider yourself to be happy? Do you feel
?
72
1. Are people happy in U.S.? In the U.S., like
elsewhere in the world, workers as well as
retirees are happy. The lowest scores of happy
people are among Italian, Spanish and Portuguese
retirees.
of people who are very happy quite happy
73
2. Where do people live best? A very large
majority of both workers and retirees are
convinced that life is better in the U.S. than
anywhere else.
Retired
Working
think that people live better in US
think that people live better in US
South 90 Midwest 89 Middle income 89 High
income 87


South 94


think that people live better elsewhere
think that people live better elsewhere
Where is it better elsewhere? Canada
2 Germany 1 Sweden 2 Switzerland 1 UK
1
Where is it better elsewhere? Canada
2 Germany 1 Sweden 1 Switzerland 2 UK
0
Base n403 working, n410 retired
Q.1 Working and Retired In your opinion which
country offers the best standard of living?
74
2. Where do people live best?Overall, retirees
are more satisfied with the living conditions in
their country. (U.S., Canada, Australia and
France indicate highest satisfaction levels.)
75
60
88
65
56
86
Netherlands
66
88
66
Belgium
58
64
Canada
UK
Germany
50
65
France
Spain

• Arial 14

86
74
Japan
United States
Portugal
Italy
90
85
54
10
Hong Kong
93
66
39
17
Singapore
60
61

• Arial 14

70
83
92
Australia
65
New Zealand
75
who think that people live better in their own
country
Q.1 Working and Retired In your opinion which
country offers the best standard of living?
75
Use of technology, progress, holidays, other
topics Working versus retired people
76
1. Where will progress come from?All generations
are unanimous with respect to the sources of
progress high confidence in medicine and the
benefits of new technologies. One of every two
Americans has faith in traditional institutions,
such as the government or religion.
Socio-demographic analysis
In of YES
Medical research Technologies such as the
Internet The government, public
institutions The globalization Philanthropic
initiatives Religions Increased leisure time /
time for oneself
45-64 years 85 65-75 years 76 Middle income
81, High income 90
Male 50 Female 62, Middle income 60
Middle income 58
Male 46 Female 64, Northeast 64 Midwest
63
Northeast 51, South 51 Middle income 60
25-44 years 60 45 years and more 43
45-64 years 57 65-75 years 41
South 59
Base n403 working, n410 retired
Q.2 Working and Retired In your opinion, in the
future, progress will come from
77
1. Where will progress come from? (1/3) Just
like the rest of the world, Americans trust
medical progress and advances in new
technologies. Although they have mixed feelings
about the contributions and the role of
globalization, initiatives from associations and
the State, they are by far the most confident
about religion as a factor of progress.
Medical research
Technologies such as the Internet
In of YES
The globalization
78
1. Where will progress come from? (2/3)
Philantropic initiatives
In of YES
Increase leisure time
79

• Where will progress come from? (3/3)

Religions
Government, public institutions
In of YES
80
2. Have you discussed your will with relatives?
People discuss their wills very openly and draw
them up even when young.
In of YES 
Socio-demographic analysis
Male 43 Female 56 Low income 42,
Middle income 39, High
income 57
Male 64 Female 72 Low income 63, Middle
income 70, High income 71

Male 36 Female 45 Low income 24, Middle
income 22, High income 52
Male 72 Female 79 Northeast 83 Low income
59, Middle income 73, High income 89
Base n403 working, n410 retired
Q.I Working and Retired And now, consider the
question of your will. Do you discuss this
subject with your relatives? Q.J Working and
Retired Have you made your will?
81
2. Have you discussed your will with
relatives?Some Americans talk about preparing a
will 50 have virtually prepared their will.
Similar attitudes are found in the other
English-speaking countries.
of people having made their will
of people discussing about will
In of YES
82
3. Who will you leave possessions
to? Beneficiaries can include grandchildren,
close friends and charities, particularly for the
wealthier populations.
In of YES
Socio-demographic analysis
Male 72 Female 86
Children Partner Grandchildren Another member of
the family Charity Another person outside the
family Do not know
25-44 years 78 45 years and more 65,
Male 63 Female 50, 45-64 years 67 65-75
years 53 West 62, High income 78
25-44 years 52 45 years and more 30
45-64 years 29 65-75 18
25-44 years 35 45 years and more 27, West
39
High income 31
25-44 years 21 45 years and more 9
Base n403 working, n410 retired
Q.K Working and Retired To whom do you intend to
leave your property?
83
3. Who will you leave possessions to? In the
U.S., apart from relatives and close friends,
people also leave part of their property to
charities a comparable situation in Singapore.
In of YES
Children
Grandchildren
Charity
Partner
84
4. Which equipment is used at home? Retirees are
well-equipped with technology products. Six of
every ten retirees have access to the Internet.
Socio-demographic analysis
In of  YES 
Middle income 82 High income 92
Middle income 70 High income 80
Male 79 Female 88 Midwest 87 West
88 Middle income 73 High income 96
Middle income 68 High income 90
Middle income 68 High income 93
West 75 Middle income 64 High income 88
Middle income 65, High income 95
West 72 Middle income 66 High income 82
Middle income 45 High income 69
West 54 Middle income 43 High income 57
Middle income 46 High income 66
Middle income 32 High income 46
Base n403 working, n410 retired
Q.A. Working and Retired Do you have.?
85
4. Which equipment is used at home?
Young retirees are as well equipped as the
oldest working population.
Retired
Working
In
25-34 years
55 years and
35-44 years
45-54 years
45-64 years
65 years and
A mobile phone A personal computer A DVD
player Direct Internet access A digital camera A
video camera
Base n403 working, n410 retired
Q.A. Do you have.?
86
4. Which equipment is used at home?
(1/2)Compared to other countries, Americans seem
to use more forms of technology, with the
exception of cell phones. Its the same for
workers and retirees, but to a lesser extent.
In of YES
Mobile phone
Personal computer
DVD player
87
4. Which equipment is used at home? (2/2)
In of YES
Video camera
Direct Internet access
Digital camera
88
5. What is your usage of the Internet ? Workers
and retirees make similar use of the Internet.
Wealthy retirees often make online purchases.
Retired
Working
Have not used Internet in the last two weeks
Have not used Internet in the last two weeks




Have used internet in the last two weeks
Have used internet in the last two weeks
In
Northeast 68, South 65
High income 56
South 66, West 61 High income 66
High income 67
Northeast 24, South 31
Base n320 working who have direct internet
access, n252 (low base) retired who have direct
internet access
Q.B Working and Retired Have you used the
internet at home in the last two weeks? Q.C
Working and Retired What do you use the internet
for?
89
5. What is your usage of the Internet
? Americans are among the leading users of
Internet.
In of Have used Internet in the last two weeks
Base people who have Internet access
90
5. What is your usage of the Internet?
(1/2) Americans, workers and retirees alike,
along with Germans, are among the leaders in
online shopping but far behind the UKs working
population.
In of YES
Looking for information
Sending e-mails
On-line purchasing
Base too low
Base too low
Base too low
Base too low
Base too low
Base too low
Base people who have Internet access and have
used it during the two weeks of the interview
period
91
5. What is your usage of the Internet (2/2)
? The Internet is highly rejected by Americans
as a means of meeting other people.
Downloading software updates
In of YES
Sites for meeting others
Managing your finances
Base too low
Base too low
Base too low
Base too low
Base too low
Base too low
92
3 Conclusions (1/5)

• Retirement is an active and positive stage in
  life!
• People who work have a positive image of
  retirement. They imagine retirement as a period
  during which they have more time for themselves
  and to do what they enjoy. For this reason,
  workers dream of retiring at an earlier age than
  their elders, at 55 years old. Despite this wish,
  they are well aware that they will not be
  retiring until the age of 63.
• Retirees have an even more positive attitude
  toward retirement. It is an active period richly
  spent in physical and manual activities travel,
  hobbies, sports, volunteering, gardening and DIY
  projects.
• An important way in which retirees take
  advantage of this free time is by helping out
  their children and grandchildren workers and
  retirees alike agree that one role of the elders
  is to transmit knowledge and experience to
  younger generations.

93
3 Conclusions (2/5)

• A watershed people think about retirement early
  on and prepare for it financially.
• Workers, as the retirees did before them, think
  about retirement very early on. The majority have
  prepared for it psychologically (early in life,
  they think about what they will do and where they
  will live) as well as financially.
• They are very realistic about their future
  retirement, which they understand will certainly
  be graced with fewer financial resources, but
  which will offer an equivalent or better
  standard of living.
• In the end, thanks to the complementary
  measures, taken individually in a country where
  the government offers minimal social security,
  Americans have widely accepted individual savings
  as the primary source of financing for
  retirement. Six of ten Americans believe their
  retirement income is and will be sufficient.
• For workers and retirees alike, preparing for
  retirement consists in significant use of life
  insurance policies, savings plans with tax
  incentives, and generic precautionary savings,
  in a country where the government is not in any
  way the cornerstone of the system.
• For information about retirement, workers would
  turn to private sources first advisers
  specializing in retirement issues, banks and the
  employer. In fact, employers play a key role in
  this economy, where retirement benefits are
  dictated by private businesses.

94
3 Conclusions (3/5)

• What about tomorrow?
• For four out of ten workers/retirees, retirement
  is expected to be the subject of a reform, even
  if they do not expect major change and even if
  Americans rely primarily on their own savings to
  pay for their retirement.

95
3 Conclusions the United States in the World
(4/5)

• The U.S. is one of the countries where people
  wish to retire early and where the desired
  retirement age limit is one of the lowest.
• Like elsewhere, people have a positive image of
  retirement. In particular, U.S. retirees are
  distinguished by a more positive perception than
  retirees elsewhere.
• Americans live an active retirement with
  travelling being the number one activity
  contrary to numerous countries where travelling
  is the dream of those who work and barely carried
  out by retirees. American retirees are those who
  take the longer vacations. However, they are the
  least likely to have a hobby, do some gardening,
  a DIY activity, or a cultural life, etc....
• As everywhere else, in the U.S. there is a
  consensus on the social role of transmitting
  knowledge and experience from retirees to the
  generations after them Americans particularly
  emphasize their role as grandparents.
• On the material level, they are more optimistic
  than elsewhere on changes to their income, and
  their retirement lifestyle and retirement income
  are considered sufficient.

96
3 Conclusions the United States in the world
(5/5)

• Americans, along with the Dutch and Germans, are
  best informed about their retirement conditions.
  And just like in the other English-speaking
  countries, the UK and the Pacific region
  countries, Americans turn to financial advisers
  for information about retirement.
• They also appear to be highly prepared for
  retirement. A significant majority of working
  Americans invests in various financial products
  the U.S. is the country where workers and
  retirees alike invest in various types of
  financial products to prepare for their
  retirement.
• Lastly, Americans are the first to make
  arrangements to ensure their independence in case
  of illness.
• These attitudes are consistent with the
  Anglo-American culture of individual
  responsibility just as in former Commonwealth
  countries, the individual is considered as the
  first to be responsible for arranging his/her
  pension. Pension funds and company pension plans
  also play an important role for Americans while
  the Governments role is more minimal.
• Against this background, Americans do not expect
  any reform to their retirement system in the
  coming years.

97
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