Adults above the age of 45 years prefer achieving peace of mind over accumulating wealth, a recent Merrill Lynch survey has found.
The survey was carried on among 6300 respondents of varying economic echelons. Approximately 88% of the respondents said having enough money to retire with peace of mind was seven times more important than being wealthy in retirement.
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According to Merrill Lynch, the survey findings appear to buck the trend from other recent studies, predicting that people will be forced to work much longer than they want to.
David Tyrie, head of personal wealth and retirement for Bank of America (BofA) Merrill Lynch, said; "You’re going to get an answer which is all about income, and it’s all about a number. From now on, it’s not only about savings, it’s about living."
The survey findings reveal that 57% respondents consider retirement as a new chapter of life, and an opportunity to do something new. The age of 65 years is not a hard-and-fast retirement age, according to the survey findings. About 48% of respondents said they wanted to work longer because it brought satisfaction to their lives. Some respondents said they preferred to work part-time after a certain point.
Overall, seven out of 10 pre-retirees said they would ideally like to include some work in their retirement years.
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By GlobalDataApproximately 61% of women were found to be more worried about outliving their savings when compared to 47% men. Saving for health care emerged as the biggest concern among people.
