2005 Risks and Process of Retirement Survey Report of Findings

March 2006

Prepared by
Mathew Greenwald & Associates, Inc.
Employee Benefit Research Institute

Description

This report presents the results of a telephone study among Americans ages 45 to 80 conducted by Mathew Greenwald & Associates, Inc., and the Employee Benefit Research Institute (EBRI) on behalf of the Society of Actuaries. The purpose of the study was to evaluate Americans’ awareness of potential financial risks, how this awareness impacts the management of their finances with respect to retirement and how Americans are managing the process of leaving the workforce.

This is the third study sponsored by the Society of Actuaries that focuses on these issues. The first was conducted in August 2001, before the events of September 11 and before substantial declines in investment markets, while the second study was conducted in August 2003. The 2005 study includes some of the same questions asked in 2001 and 2003, but also skips some of the original questions in order to make room for new learning. Emphasis was placed on areas where there is not a great deal of information available from other studies. In particular, the portions of the study focusing on reasons for choosing various retirement plan payouts and longevity were expanded significantly. While Americans over age 80 were included in the 2001 study, the decision was made to exclude them in subsequent iterations of the study.

Material

2005 Retirement Risk Survey
Key Findings and Issues–Impact of Retirement Risk on Women
Key Findings and Issues–Risks of Retirement
Key Findings and Issues-Phased Retirement
Key Findings and Issues–Longevity and Retirement Risk

Questions or Comments?

If you have comments or questions, please send an email to research@soa.org