In retirement, baby boomers look forward to spending more time with their families while Gen Xers and millennials aspire to travel after completing work. This is according to the results of the Dream Retirement Survey, a multi-generational nationwide poll designed to gauge different views on retirement that vary by generational and gender divides, conducted by American Advisors Group (AAG).
The survey also examines the different preferences across genders, with data showing that women look toward volunteering after completing work while men would prefer to “travel and golf,” said a press release announcing the survey’s results.
In terms of most sought-after travel destinations in retirement, 40 percent of respondents wished to travel somewhere within the United States. 28 percent aspired to visit destinations in Europe, while 11 percent expressed a desire to visit Mexico and the Caribbean. The sought-after locations also varied among generations: majorities of both Gen Xers and baby boomers prefer to visit somewhere within the U.S., while the majority of millennial respondents wish to visit Europe in their golden years.
In terms of where people would like to live in retirement, 66.5 percent would prefer to age in a rural environment, compared to only 33.5 percent of people who would prefer retiring in an urban setting.
25 percent of respondents believe that they need at least $1 million saved to achieve their “dream retirement,” while only 7 percent of those surveyed think they’ll need less than $25,000 to retire. Among those respondents who identified as members of the baby boomer generation, 49 percent plan to depend primarily on Social Security as their primary source of retirement income, compared to only 20 percent of those identifying as millennials.
For millennials, 23 percent of respondents plan their personal savings to serve as their primary source of retirement funding. 46 percent of all respondents said they would most likely “retire right away” if they brought in a rapid, substantial amount of cash by winning the lottery.
AAG conducted the national survey during the month of September, 2018, seeking to identify retirement trends and the corresponding deviations in preferences between various generations, geographical locations, and genders. The sample size consisted of 600 respondents across five segmented age groups: 14-24, 25-34, 35-44, 45-54, and 55+. AAG used social polling tool Pollfish to conduct the survey.
For full results and detailed breakdown of the obtained response data, visit AAG’s website.