Retirement Attitudes Segmentation Survey€¦ · Segmentation Survey 2013. AARP Research 2 Retirement Attitudes ... AARP collected theadat for this project through an online survey

AARP Research

Retirement Attitudes Segmentation Survey

2013

AARP Research 2

Retirement Attitudes Segmentation Survey

Report Prepared by S. Kathi Brown

Copyright©2013AARP

AARP Research601 E Street, NW

Washington, DC 20049 http://www.aarp.org/research/

Reprinting with Permissionhttps://doi.org/10.26419/res.00069.001

AARP Research

Table of Contents

Note: Annotated Questionnaire is available as a separate document.3

Section Page #

Background and Objectives 5

Methodology 6

Overview of the Retirement Segments 7

Detailed Findings 12Attitudes Related to Retirement 13

Expectations of Working in Retirement 26

Preparations to Date and Assistance Needed 35

Conclusions and Implications 48

Appendix A: Selected Findings by Demographics 51

Appendix B: Are Demographic Characteristics Predictive of Segments? 70

Appendix C: Demographic Profile of Respondents 74Notes 76

AARP Research 4

AARP is a nonprofit, nonpartisan organization, with a membership of more than 37 million, that helps people turn their goals and dreams into real possibilities, strengthens communities and fights for the issues that matter most to families such as healthcare, employment and income security, retirement planning, affordable utilities and protection from financial abuse. We advocate for individuals in the marketplace by selecting products and services of high quality and value to carry the AARP name as well as help our members obtain discounts on a wide range of products, travel, and services. A trusted source for lifestyle tips, news and educational information, AARP produces AARP The Magazine, the world's largest circulation magazine; AARP Bulletin; www.aarp.org; AARP TV & Radio; AARP Books; and AARP en Español, a Spanishlanguage website addressing the interests and needs of Hispanics. AARP does not endorse candidates for public office or make contributions to political campaigns or candidates. The AARP Foundation is an affiliated charity that provides security, protection, and empowerment to older persons in need with support from thousands of volunteers, donors, and sponsors. AARP has staffed offices in all 50 states, the District of Columbia, Puerto Rico, and the U.S. Virgin Islands. Learn more at www.aarp.org.

AARP collected the data for this project through an online survey administered by GfK Custom Research to its national, probabilitybased KnowledgePanel. ContextBased Research Group provided feedback during the questionnaire design and analysis stages. S. Kathi Brown of AARP’s Research Center wrote the report. The author would like to thank the following AARP staff for their valuable input: Leslie Boissiere, Laura Bos, Kelley CoatesCarter, Jeff Love, Rebecca Perron, and Jean Setzfand. Special thanks to Chuck Rainville and Sarah Conroy for their work on the segmentation analysis and to Cheryl Barnes for proofing the report.

All media inquiries about this report should be directed to AARP’s Media Relations at (202) 4342560. Inquiries from others should be directed to S. Kathi Brown at (202) 4346296 or [email protected].

AARP Research

Background and Objectives• This is the second part of a twopart study designed to

examine:– Preretirees’ views of retirement– The steps they are taking to prepare– The opportunities for helping them

• The first phase, conducted in December 2010February 2011, was an ethnographic study of 29 adults ages 5265.

• The second phase, a nationally representative survey conducted in November and December 2012, was designed to validate and expand on the findings from the ethnography.

5

AARP Research

Methodology

• Nationally representative, probabilitybased online panel

• 2480 respondents – Ages 5065, not yet fully retired– Primary/shared responsibility for household financial decisions

– Household income $40,000$124,999– High school degree or more– No traditional pension plan– Not in poor health/not unable to work due to disability

6

AARP Research

Overview of the Retirement Segments

7

AARP Research

Four Retirement Segments

8

ProActiveSelfActualizers,

24%

DaytoDay Life Embracers,

27%Doubters, 17%

Cautious Clockwatchers,

33%

AARP Research

Attitudes Used to Determine the Segments

9

Optimism and

Material Resources

Planning and

GoalSetting

Creativity and Social Connections

Leisure and the

Retirement Transition

AARP Research

Optimism and Material Resources

in their material resources

doubtful than confident in their material resources

confident in their material resources

More confident than doubtful about their material resources

Planning and GoalSetting

Skills

Exceedingly engaged in planning and goalsetting

Least engaged in planning and goalsetting

Limited engagement in planning and goalsetting

Slightly disengaged fromplanning and goalsetting

Creativity and Social

Connectedness

Strongly agree that retirement is a time to be creative and/or social

Strongly agree that retirement is a time to be creative and/or social

Least oriented toward creativity; doubt retirement will allow cultivation of social connections yet acknowledge their importance

Not as oriented toward social connectedness and creative pursuits as SelfActualizers or DaytoDay Embracers.

Leisure and the Retirement Transition

Likely to view retirement as a time of leisure that includes work conducted primarily for nonfinancial reasons. Most will retire gradually, but some will do so all at once.

Similar to SelfActualizers except that reasons for working in retirement are more likely to be financial and nonfinancial. Most will gradually retire; very few will do so all at once.

Least likely to see retirement as a time to stop working completely; do not expect retirement to be a time of leisure. Nearly half envision no retirement transition.

Hoping for a complete retirement at a certain date and envisioning it as a time of leisure.

Proactive Self

(24%)

DaytoDay Life Embracers

(27%)

Doubters(17%)

Cautious

(33%)

Overview of the Retirement Segments: How do they view retirement?

10

AARP Research

Overview of the Retirement Segments: Who are they? •Oldest (65% ages 5565)•Most welleducated (48% Bachelors+)• Highest income (median: $81,630)• Highest savings (70% > $100,000)• Higher selfemployment (20%); most likely to be retired and working (11%)*

Proactive SelfActualizers

•Most likely to be female (57%)• Youngest segment (49% ages 5054)• Lower income (median: $70,1600)• Lower savings (38% > $100,000)• Employment status resembles overall sample (77% employed fulltime; 15% selfemployed)*

DaytoDay Life Embracers

•Most likely to be male (55%)• Least educated (72% no Bachelors)•Moderate income (median: $73,710)•Moderate savings (51%> $100,000)•Most likely to be working fulltime (85%); least likely to be selfemployed (9%)*

Cautious Clockwatchers

• Comparatively male (53%)• Less educated (69% no Bachelors)• Lowest income (median: $63,190)• Lowest savings (29% > $100,000)•Most likely to be selfemployed (30%); higher likelihood of working parttime (21%)*

Doubters

* Percentages who are selfemployed and percentages who fall into other employment categories are not mutually exclusive. For example, a selfemployed Proactive SelfActualizer who is “working in retirement” would be counted in the 20% and the 11%.

11

AARP Research

Detailed Findings

12

AARP Research 13

Attitudes Related to Retirement

AARP Research

0% 20% 40% 60% 80%

May never be able toafford to stop working

Confident I will haveenough money in

retirement

Retirement: financialhardship to me

44%

37%

37%

15%

71%

10%

65%

22%

49%

79%

7%

72%

30%

42%

27% CautiousClockwatchers(n=708)

Doubters (n=408)

DaytoDayEmbracers (n=716)

ProActive SelfActualizers (n=628)

Total (n=2,480)

% Strongly /Somewhat Agree

Chart shows responses to Q5_d, Q22_d, and Q22_f. Response choices shown represent top 2 options on a 5point scale.

Proactive SelfActualizers are most confident about retirement finances; Doubters are least confident.

14


AARP Research

Most in each segment are relatively pleased with their lives, except Doubters.

0% 20% 40% 60% 80% 100%

Overall I am pleased withthe way things are going in

my life

64%

82%

66%

35%

65%

CautiousClockwatchers(n=708)

Doubters (n=408)



Total (n=2,480)


Chart shows responses to Q1a. Response choices represent top 2 options on a 5point scale.

15


AARP Research

ProActive SelfActualizers are most optimistic; Doubters least so.

0% 20% 40% 60% 80% 100%

Optimism aboutretirement years

47%82%

38%8%

51%

CautiousClockwatchers(n=708)Doubters (n=408)



Total (n=2,480)

% Very /Somewhat Optimistic

Top chart shows responses to Q4. Response choices represent top 2 options on a 5point optimism scale.

16


0% 20% 40% 60% 80% 100%

I am unsure of what thefuture holds for me

I am optimistic about thefuture and believe that

things will work out for me

49%

67%

37%

83%

54%

78%

73%

32%

42%

65%


Bottom chart shows responses to Q1c and Q1d. Response choices represent top 2 options on a 5point agreement scale.

AARP Research

ProActive SelfActualizers are overwhelmingly planners; other segments less so.

0% 20% 40% 60% 80% 100%

I have a good sense of theamount of money I need to

save for retirement

I know what I want out of lifeand have a plan for making it

happen

I consider myself to be aplanner and plan carefully for

the future

50%

46%

55%

84%

82%

86%

34%

31%

40%

37%

35%

48%

47%

38%


Doubters (n=408)



Total (n=2,480)


Chart shows responses to Q20_a, Q20_d, Q22_a. Response choices shown represent top 2 options on a 5point scale.

17


AARP Research

DaytoDay Life Embracers are especially likely to avoid planning.

0% 20% 40% 60% 80%

I rarely plan because manythings are a matter of luck

anyhow

I know what I want out of lifebut don't have a specific plan

to achieve it

I have not spent much timethinking about what I'll do in

retirement

I cannot find the time to planfor the future

10%

43%

37%

12%

3%

16%

8%

1%

16%

71%

59%

22%

10%

36%

25%

12%

12%

43%

47%

13%CautiousClockwatchers(n=708)

Doubters (n=408)

DaytoDayEmbracers(n=716)

ProActive SelfActualizers(n=628)

Total (n=2,480)


Chart shows responses to Q20_e, Q21ab_c, Q20_c, 20_b. Response choices shown represent top 2 options on a 5point scale.

18


AARP Research

DaytoDay Embracers and ProActive SelfActualizers most likely to equate retirement with creative pursuits.

0% 20% 40% 60% 80% 100%

Retirement is a chance topursue interests/hobbies I

never had time for

Retirement means opportunityto pursue work I'm passionate

about

Retirement means more timeto pursue my interests/hobbies

Retirement means more timeto devote to my creative side

67%

45%

75%

57%

85%

63%

92%

73%

84%

68%

92%

79%

27%

21%

36%

27%

62%

26%

70%


Doubters(n=408)



Total (n=2,480)


Chart shows responses to Q5_h, Q5_f, Q5_s, Q5_g. Response choices shown represent top 2 options on a 5point scale.

19


AARP Research

Social element of retirement especially important to DaytoDay Embracers and SelfActualizers.

0% 20% 40% 60% 80% 100%

Emotional health will beimportant in retirement

Social connections will beimportant in retirement

Retirement means moreopportunity for socializing

94%

70%

57%

100%

86%

74%

99%

83%

74%

89%

61%

24%

90%

53%


Doubters(n=408)



Total (n=2,480)


Chart shows responses to Q5_r, Q6_b, Q6_a. Response choices shown represent top 2 options on a 5point scale.

20


AARP Research

Most (except Doubters) view retirement as a time of leisure; however, few see it as a time to stop working completely.

0% 20% 40% 60% 80% 100%

Retirement means fewerobligations

Retirement is a time toindulge myself

Retirement is a time ofleisure

Retirement is a time to stopworking completely

56%

52%

71%

22%

68%

65%

85%

23%

58%

64%

83%

18%

20%

11%

20%

5%

64%

53%

78%


Doubters(n=408)



Total (n=2,480)


Chart shows responses to Q5_l, Q5_p, Q5_o, and Q5_n. Response choices shown represent top 2 options on a 5point scale.

21


AARP Research

Cautious Clockwatchers are most likely to expect to begin retirement all at once; Doubters are most likely to view the retirement transition as not applicable.

0% 20% 40% 60% 80%

Not applicable / Same aspreretirement life

Gradually

All at once

21%

58%

20%

11%

63%

26%

22%

69%

8%

46%

46%

7%

15%

52%

33%


Doubters(n=408)



Total (n=2,480)

“Which best describes how you expect to make the move into retirement / how you made the move into retirement?”

Chart shows % of respondents who “strongly agree” or “somewhat agree” with Q10a and Q10b combined.(Q10a (preretirees): “Which best describes how you expect to make the move into retirement?”; Q10b (retirees who were working or looking for work): “Which best describes how you made the move into retirement?”)

22


AARP Research

ProActive SelfActualizers(26%, n=169)• No plans of working (27%)• Volunteer work/help

people (20%)• Hobbies (17%)• Travel (15%)• Socialize (13%)

Explanations of “AllAtOnce” Retirement Transitions:Top 5 explanations from those who expect to retire “all at once.”*

Cautious Clockwatchers(33%, n=251)• No plans of working (24%)• No/less stress (13%)• Freedom to do as please

(10%)• Work parttime (9%)• Travel (9%)

* For respondents who selected “All At Once” when answering Q10a or Q10b, slide shows most frequent responses to the followup questions (Q11a and Q11b): “In your own words, please explain why you chose the response above.”Responses from DaytoDay Embracers and Doubters are not shown as fewer than 10% of these two segments plan to retire “all at once.” Green = more likely than all respondents to offer this explanation.

23

AARP Research

Explanations of “Gradual” Retirement Transitions:Top 5 explanations from those who expect to retire “gradually.”*

ProActive SelfActualizers (63%,n=401)• Work parttime (44%)• Gradually phase out of work (16%)• Work for self (14%)• Keep working due to financial need (13%)• Travel (13%)

DaytoDay Embracers (69%, n=489)• Work parttime (39%)• Keep working due to financial need (22%)• Enjoy working/keep working (20%)• Financial status (14%)• Gradually phase out of work (13%)

Doubters (46%, n=196)• Keep working due to financial need

(37%)• Work parttime (23%)• Enjoy working/keep working (13%)• Financial status (13%)• Government/changes in government

programs (9%)

Cautious Clockwatchers (52%, n=363)• Work parttime (38%)• Gradually phase out of work (18%)• Keep working due to financial need (12%) • Financial status (10%)• Keep busy (7%)

* For respondents who selected “Gradual” when answering Q10a or Q10b, slide shows most frequent responses to the followup questions (Q11a/ Q11b): “In your own words, please explain why you chose the response above.” Green = more likely than all respondents to offer this explanation; Red=less likely than all respondents to offer this explanation. 24

AARP Research

Explanations of “Not Applicable” Retirement Transitions:Top 5 explanations from those who say retirement will be/is about the same

as life before retirement.*

DaytoDay Embracers (22%, n=150)• Enjoy working/keep working (31%)• Keep working due to financial need (25%)• Financial status (13%)• No change expected (13%)• Keep busy (11%)

Doubters (46%, n=185)• Keep working due to financial need

(35%)• Enjoy working/keep working (23%)• May not be able to retire (16%)• No change expected (7%)• Keep busy (5%)

Cautious Clockwatchers (15%, n=93)• Keep working due to financial need (18%)• Enjoy working/keep working (16%)• Financial status (12%)• Work parttime (6%)• Family time (6%)

* For respondents who selected “Not Applicable” when answering Q10a or Q10b, slide shows most frequent responses to the followup questions (Q11a/ Q11b): “In your own words, please explain why you chose the response above.”

Responses from ProActive SelfActualizers are not shown as just 11% of this segment selected “not applicable” to describe their retirement transition.Green = more likely than all respondents to offer this explanation.

25

AARP Research

Expectations of Working in Retirement

26

AARP Research

Most respondents expect to work parttime in retirement. Doubters are the most likely to expect to work fulltime (36% of Doubters vs. 313% of the other segments). Clockwatchers and SelfActualizers are more likely than the others to expect to not work at all (2628% vs. 57% of the other segments). SelfActualizers and DaytoDay Embracers are the most likely to expect to work for themselves.

0% 20% 40% 60% 80% 100%

Work (miscellaneous)

Start your own business/workfor yourself

Work fulltime

Work parttime

Not work at all

2%

12%

13%

55%

17%

3%

18%

3%

48%

28%

2%

15%

13%

63%

7%

1%

9%

36%

50%

5%

2%

8%

9%

57%


Doubters(n=387)



Total (n=2,284)

Chart shows responses to Q12 and Q12b. (Q12: “Which of these best describes what you think you will be doing when you retire?” For those respondents whose answer to Q12was unclear, the chart reflects responses to Q12b: “When you retire, do you expect to do any work for pay

or work for other type of compensation?”)

Expected Employment in Retirement 1(Base: Respondents who have never retired)

27

Expected Employment in Retirement

AARP Research

Only half of respondents envision stopping work completely at some point (16% expect to not work at all in retirement, 34% expect to work but eventually stop). A full quarter expects to work indefinitely, while another quarter is uncertain as to whether they will ever stop working. Doubters (59%) are especially likely to expect to work indefinitely, and DaytoDay Embracers (40%) are the most likely to express uncertainty.

0% 20% 40% 60%

Don't know

Work indefinitely/never retire

Work in retirement buteventually retire fully

Not work at all in retirement

25%

25%

34%

16%

22%

16%

38%

25%

40%

23%

31%

7%

24%

59%

13%

4%

16%

15%

45%

24%


Doubters(n=408)



Total (n=2,480)

Expectations of Ever Retiring Completely 2(Base: All Respondents)

Chart shows expectations of ever retiring completely based on combining responses to Q12, Q12b, and Q13. Q12: “Thinking about your employment status in later years, which of these best describes what you think you will be doing when you retire. “ Q12b: “When you retire, do you expect to do any type of work for pay or work for other type of compensation?” Q13: “At some point in the future, do you expect to retire fully and not work at all?”

28

Complete Retirement Eludes Many

AARP Research

Among those who expect to stop working completely one day, Doubters and DaytoDay Embracers expect to retire the latest while ProActive SelfActualizers and Clockwatchers expect to retire the earliest. In fact, over one third of Doubters and DaytoDay Embracers don’t expect to stop working until after 70 compared to just 13% of Clockwatchers and 20% of ProActive SelfActualizers.

0% 20% 40% 60%

65 or Younger

6669

70

After 70

30%

19%

28%

23%

40%

17%

23%

20%

16%

14%

33%

35%

8%

16%

42%

34%

38%

26%

24%


Doubters(n=190)


ProActiveSelfActualizers(n=544)Total(n=1,925)

Slide shows responses to Q14: “At what age do you expect to retire fully and not work at all?”

Age at Which Expect to Stop Working(Base: Respondents who expect to stop working eventually)

Age at Which Expect to Stop Working (Median)

Cautious Clockwatchers

67

Doubters 70

DaytoDayEmbracers

70

ProActive SelfActualizers

67

29

Age at Which Expect to Stop Working

AARP Research

Remaining mentally active and needing money are the top two reasons for expecting to work in retirement. Doubters and DaytoDay Embracers are most likely to cite need for money, while ProActive Self Actualizers are the least likely. The #1 reason cited by ProActive SelfActualizers is to remain mentally active.

0% 20% 40% 60% 80% 100%

Desire to do something fun

Desire to remain productive oruseful

Desire to stay physically active

I'll need the money

Desire to stay mentally active

48%

56%

59%

60%

66%

60%

65%

66%

31%

75%

61%

68%

68%

75%

76%

29%

44%

47%

84%

54%

39%

44%

52%

49%

57%


Doubters(n=385)



Total (n=2,086)

Top Reasons for Expecting to Work/Working in Retirement (Base: Working (or looking for work) in retirement, or expect to work in retirement or never retire)

% Identifying Each as “Major Factor”

Chart shows Q15 items eliciting highest agreement: “The following is a list of reasons why some people continue to work in retirement. For each, please indicate whether it is a major factor, a minor factor, or not a factor at all in your decision to work in retirement.”

30

Reasons for Working in Retirement

AARP Research

0% 20% 40% 60% 80% 100%

Desire to pursue a dream

Desire to learn new things

Desire to be around people

Desire to help other people

I'll need the health benefits

19%

33%

35%

39%

45%

27%

46%

41%

52%

28%

28%

44%

46%

49%

55%

8%

22%

24%

28%

57%

11%

19%

26%

25%

40%


Doubters(n=385)



Total (n=2,086)

Chart shows Q15 items eliciting lowest agreement: “The following is a list of reasons why some people continue to work in retirement. For each, please indicate whether it is a major factor, a minor factor, or not a factor at all in your decision to work in retirement.”

More Reasons for Expecting to Work/Working in Retirement(Base: Working (or looking for work) in retirement, or expect to work in retirement or never retire)

% Identifying Each as “Major Factor”

Just over half of Doubters and DaytoDay Embracers cite the need for health benefits, compared to just over 1 in 4 ProActive SelfActualizers. The desire to help other people motivates about half of ProActive SelfActualizers and DaytoDay Embracers but only about 1 in 4 Doubters and Clockwatchers.

Reasons for Working in Retirement (cont.)

31

AARP Research

Of all working retirees and preretirees who expect to work in retirement or never retire, over half say their retirement work is/will be very or somewhat similar to their preretirement work. Doubters are particularly likely to expect few changes between their preretirement and retirement work, with 70% saying retirement work will be very or somewhat similar. One in four ProActive SelfActualizers expect their retirement work will be “very different, ” compared to fewer than 1 in 5 in each of the other segments.

0% 20% 40% 60%

Very Similar

Somewhat Similar

Somewhat Different

Very Different

28%

30%

24%

18%

29%

27%

19%

25%

24%

34%

26%

16%

43%

28%

15%

14%

22%

29%

30%


Doubters(n=384)



Total (n=2,076)

Chart shows responses to Q16 and Q18: “How does the work that you are doing in retirement compare to the work that you did before you retired? / How do you expect the work that you do in retirement to compare to the work that you currently do?”

PreRetirement Work vs. Retirement Work(Base: Working in retirement, or expect to work in retirement or never retire)

32

Comparing PreRetirement Work to Retirement Work

AARP Research

Among those who are already working in retirement or expect to work in retirement, ProActive SelfActualizers are the most likely to expect to work in “professional” occupations while Clockwatchers are the least likely. DaytoDay Embracers are especially likely to expect to work in “service” jobs and “clerical” jobs.

0% 20% 40% 60%

Craftsman/Foreman (e.g.handyman, carpenter, mechanic)

Clerical (e.g. clerical, customerservice, bookkeeper)

Sales (e.g. sales, retail, insuranceagent)

Service (e.g. social services, personalcare, health aide, caterer/cook)

Professional (e.g. teacher,consultant, accountant)

6%

10%

11%

17%

17%

7%

8%

12%

19%

25%

5%

14%

11%

21%

18%

10%

7%

12%

14%

15%

5%

10%

11%

14%


Doubters(n=384)



Total (n=2,076)

Chart shows most common types of responses to Q17 and Q19 (openended questions): What type of work are you currently doing in retirement? / What type of work do you think you will do in retirement?

Most Common Types of Work (Expected) in Retirement(Base: Working in retirement, or expect to work in retirement or never retire)

33

Retirement Work

AARP Research

Among those who are already working in retirement or expect to work in retirement, Clockwatchersare most likely to be unsure of the type of work they will do in retirement, DaytoDay Embracers are most likely to expect to engage in a creative field, and Doubters are most likely to expect to continue their current work or be open to any type of work.3

0% 20% 40% 60%

Don't know

Open to any work

Creative work

Selfemployed/contract work

Continue with/similar tocurrent work

8%

3%

5%

3%

9%

4%

3%

5%

6%

7%

5%

3%

9%

2%

7%

10%

6%

3%

2%

12%

13%

1%

1%

3%

8%


Doubters(n=384)



Total (n=2,076)

Chart shows additional noteworthy responses to Q17 and Q19 (openended questions): What type of work are you currently doing in retirement? / What type of work do you think you will do in retirement?

Work (Expected) in Retirement: Noteworthy Comments(Base: Working in retirement, or expect to work in retirement or never retire)

34

Retirement Work (cont.)

AARP Research

Preparations To Date and Assistance Needed

35

AARP Research

0% 20% 40% 60%

Job/careerrelated activities(career changes, continuing to

work)

Debt reduction

Other financial planning (notretirement: met with financialadvisor, reducing spending, etc.)

Saving money/contributing toretirement plans

12%

12%

20%

35%

13%

15%

27%

42%

16%

13%

18%

30%

20%

14%

18%

28%

5%

9%

17%

39%

Recent Preparations for the FutureCautiousClockwatchers(n=708)

Doubters (n=408)



Total (n=2,480)

Chart shows most frequent responses to Question 3: “What, if anything, have you done within the past year or so to help prepare yourself for the future?” (openended question)

Most common preparations center around finances, particularly saving money and financial planning followed by debt reduction and job/career actions. ProActive SelfActualizers and Clockwatchers are the most likely to mention saving money; SelfActualizers are also the most likely to mention financial planning. Doubters are the segment most likely to mention job/career.

Recent Preparations for the Future

36

AARP Research

0% 20% 40% 60%

Changes to home/property(downsizing, home repairs,purchasing home/property,

moving)

Retirement planning other thanjust saving money (planning forretirement, retirement seminars,

monitoring funds)

Adopting healthy lifestyle

6%

6%

7%

8%

12%

9%

8%

4%

12%

5%

3%

6%

4%

5%

3%

Recent Preparations for the Future (cont.) CautiousClockwatchers(n=708)

Doubters (n=408)



Total (n=2,480)

Chart shows next most frequent responses to Question 3: “What, if anything, have you done within the past year or so to help prepare yourself for the future?” (openended question)

Less commonly mentioned preparations for the future include adopting a healthy lifestyle, retirement planning (other than saving), and making changes to home/property. DaytoDay Embracers were especially likely to mention adopting a healthy lifestyle, while ProActive SelfActualizers were the most likely to mention retirement planning.

Recent Preparations for the Future (cont.)

37

AARP Research

0% 20% 40% 60%

Refused/no answer

Nothing

Miscellaneous

Can't afford retirement saving

Personal preparation

7%

12%

9%

2%

4%

5%

4%

9%

0%

7%

4%

15%

11%

2%

3%

7%

11%

8%

8%

1%

11%

14%

8%

1%

3%

Recent Preparations for the Future (cont.)


Doubters(n=408)



Total (n=2,480)

Chart shows least frequent responses to Question 3 as well as percent who said “nothing” and percent who refused: “What, if anything, have you done within the past year or so to help prepare yourself for the future?” (openended question)

Compared to other segments, DaytoDay Embracers (15%) and Clockwatchers (14%) were especially likely to indicate that they had taken no action to prepare for the future. Doubters (8%) were particularly likely to say they can’t afford to save. ProActive SelfActualizers were the most likely to cite personal preparation unrelated to finances and the least likely to have done nothing.4

Recent Preparations for the Future (cont.):

38

AARP Research

Help preparing financially for retirement tops list, but 4 in 10 claim to need no assistance. DaytoDay Embracers were most likely to report a need for all types of assistance. Clockwatchers and ProActive SelfActualizers were the most likely segments to report no need for assistance yet roughly 30% were interested in advice related to financially preparing for retirement or money management. Doubters were moderately interested in each type of advice.

0% 20% 40% 60%

None I do not need anyassistance

Information to determineyour eligibility for public

benefits

Advice to help you manageyour money in retirement

Advice to help you preparefinancially for retirement

39%

18%

30%

31%

46%

8%

30%

29%

24%

29%

37%

38%

38%

21%

24%

25%

48%

14%

28%

30%

Assistance Needed to Prepare for Next StepCautiousClockwatchers(n=708)

Doubters(n=408)



Total (n=2,480)

Chart shows most frequently selected responses to Question 23: “Sometimes people have desires, dreams, or goals but have difficulty achieving them or may feel that certain obstacles are in their way. What type of assistance or support, if any, wouldhelp you take the next step in your life?”

Assistance Needed to Prepare for Next Step in Life

39

AARP Research

0% 20% 40% 60%

Loan/scholarship for more eduation or skillsfor new job

Loan/scholarship to help you start ownbusiness

Job coaching to help you identify types ofjobs you like

Advice to help you start your own business

Job search assistance to help you find a job

Training for a new job or career

5%

7%

10%

11%

12%

13%

3%

4%

7%

11%

6%

6%

9%

16%

17%

20%

18%

20%

7%

8%

10%

7%

18%

18%

3%

2%

7%

4%

8%

8%

Assistance Needed to Prepare for Next Step (cont.)CautiousClockwatchers(n=708)

Doubters(n=408)



Total (n=2,480)

Chart shows workrelated responses to Question 23: “Sometimes people have desires, dreams, or goals but have difficulty achieving them or may feel that certain obstacles are in their way. What type of assistance or support, if any, would help you take the next step in your life?”

Interest in each of six types of assistance related to work or career is highest among DaytoDay Embracers and lowest among Cautious Clockwatchers. Doubters are about as interested as DaytoDay Embracers in job training (18%) or job search assistance (18%) but less interested in help starting their own business (7%), education loans (7%), or job coaching (10%). ProActive SelfActualizers are somewhat interested in advice related to starting their own business (11%) but less interested in other types of work advice (67%).

Assistance Needed to Prepare for Next Step in Life (cont.)

40

AARP Research

Advice related to nontangible issues, such as emotional preparation and life coaching, is of less importance than advice related to the more tangible challenges such as finances and employment. Of the four segments, DaytoDay Embracers expressed the most interest in this type of advice, particularly life coaching (17%) and advice to help you prepare emotionally for the next step in your life (16%). The other three segments each expressed similarly low levels of interest.

0% 20% 40% 60%

Advice to help you preparefor your social needs andinterpersonal relationships

Life coaching to help youdetermine what to do with

the rest of your life

Advice to help you prepareemotionally for the next step

in your life

6%

10%

11%

6%

8%

9%

9%

17%

16%

5%

8%

11%

5%

7%

8%

Assistance Needed to Prepare for Next Step (cont.)CautiousClockwatchers(n=708)

Doubters(n=408)



Total (n=2,480)

Chart shows least frequent responses to Question 23: “Sometimes people have desires, dreams, or goals but have difficulty achieving them or may feel that certain obstacles are in their way. What type of assistance or support, if any, would help you take the next step in your life?”

Assistance Needed to Prepare for Next Step in Life (cont.)

41

AARP Research

Only 17% of ProActive SelfActualizers have not sought advice or information related to planning for the future, compared to over one third (3639%) of the other three segments. ProActive SelfActualizers are the most likely to have used professional financial advisors. DaytoDay Embracers are about as likely as SelfActualizers to have sought information from several of the other sources, such as family/friends, magazines/books, financial planning web sites, and an employer.

0% 20% 40% 60%

Magazines, books, otherpublications

Family or friends

Professional financial advisor

None I have not consulted anysources

21%

28%

28%

33%

29%

32%

42%

17%

25%

33%

26%

37%

18%

22%

29%

36%

13%

23%

22%

39%

Sources of Advice or Information Already ConsultedCautiousClockwatchers(n=708)

Doubters(n=408)



Total (n=2,480)

Chart shows most frequent responses to Question 24: “Which of the following sources have you consulted for advice or informationrelated to planning for the future or planning for retirement?” (closedended)

Sources of Advice or Information Already Consulted Related to Planning for the Future

42

AARP Research

0% 20% 40% 60%

Current or former employer

Seminars or classes

Financial planning web site

Financial institution

Retirement plan provider

10%

12%

13%

16%

17%

14%

17%

19%

24%

24%

10%

10%

16%

12%

13%

8%

14%

9%

13%

22%

8%

8%

8%

15%

14%

Sources of Advice or Information Already Consulted (cont.)CautiousClockwatchers(n=708)

Doubters (n=408)



Total (n=2,480)

Chart shows less frequent responses to Question 24: “Which of the following sources have you consulted for advice or information related to planning for the future or planning for retirement?” (closedended)

Doubters are about as likely as SelfActualizers to have sought advice or information from a retirement plan provider or from seminars and classes. Clockwatchers are less likely than respondents overall to have consulted many sources, with the exception of a financial institution or an employer.

Sources Already Consulted Related to Planning for the Future (cont.)

43

AARP Research

Among ProActive SelfActualizers who have consulted each source below, the majority actively requested the information. ProActive SelfActualizers were more likely to describe the information from publications and financial planning web sites as unsolicited (as compared to other sources). Those who consulted professional financial advisors and financial institutions were most likely to have actively reached out to these sources.

0% 20% 40% 60% 80% 100%

Financial planning web site (n=111)

Seminars or classes (n=129)

Retirement plan provider (n=166)

Financial institution (n=174)

Magazines, books, other publications(n=202)

Family or friends (n=222)

Professional financial advisor(n=297)

67%

69%

53%

72%

64%

58%

76%

16%

9%

13%

11%

20%

8%

7%

15%

19%

33%

16%

15%

31%

16%

2%

3%

1%

1%

1%

3%

2%

How ProActive SelfActualizers Receive Advice and Information (Base varies by bar)

I activelyrequested

I received butdid not request

Both

Don'tknow/Refused

Question 25: “For each source, please indicate which of the columns below best represents what led you to consult that source.” (Closedended. For Q25, respondents were only asked about sources that they had acknowledged consulting in Q24. Bars are only shown for sources that had been used by at least 100 respondents in this segment.)

How ProActive SelfActualizers Receive Advice and Information

44

AARP Research

0% 20% 40% 60% 80% 100%

Retirement plan provider(n=104)


Magazines, books, otherpublications (n=192)



52%

55%

47%

70%

55%

15%

22%

30%

12%

11%

19%

20%

19%

14%

28%

14%

3%

4%

4%

6%

How DaytoDay Embracers Receive Advice and Information (Base varies by bar)

I activelyrequested


Both

Don'tknow/Refused


As with SelfActualizers, the majority –or close to the majorityof DaytoDay Embracers who have used these sources have actively reached out to them. However, DaytoDay Embracers who have consulted publications and financial institutions are considerably less likely than SelfActualizers to have actively requested this information. In fact, DaytoDay Embracers reported that information received through publications and financial institutions was the most likely to have been unsolicited (as compared to other sources of advice).

How DaytoDay Embracers Receive Advice and Information

45

AARP Research

0% 20% 40% 60% 80% 100%



55%

71%

10%

13%

28%

15%

6%

1%

How Doubters Receive Advice and Information (Base varies by bar) I actively

requested


Both

Don'tknow/Refused


Doubters who have used professional financial advisors and family/friends are as likely as SelfActualizers and DaytoDay Embracers to have actively reached out to these sources. As in the case of SelfActualizers and DaytoDay Embracers, Doubters who used financial advisors were considerably likely (71%) to have actively requested that advice while just over half (55%) of those who use family/friends actively requested advice from family/friends.

How Doubters Receive Advice and Information

46

AARP Research

0% 20% 40% 60% 80% 100%

Retirement plan provider(n=100)


Magazines, books, otherpublications (n=111)



44%

60%

37%

41%

66%

26%

14%

29%

13%

8%

21%

24%

26%

33%

21%

9%

2%

8%

13%

5%

How Cautious Clockwatchers Receive Advice and Information(Base varies by bar) I actively

requested


Both

Don'tknow/Refused


Among Clockwatchers that have consulted each source for advice or information, the share who actively reached out was relatively low compared to other segments. For three of the five sources shown below, fewer than half of the Clockwatchers who consulted the source indicated that they had actively reached out. In fact, of Clockwatchers who consulted publications, only 37% actively requested the publication.

How Cautious Clockwatchers Receive Advice and Information

47

AARP Research 48

Conclusions and Implications

AARP Research

Conclusions and Implications

49

Views and expectations of retirement vary tremendously by segment, which affirms the need to vary messaging (or incorporate a variety of messages) in educational materials promoting retirement planning.

• The notion of “retirement” per se may in fact alienate certain people, particularly the Doubters, nearly half of whom expect their “retirement” to be no different from their current life and only 5 percent of whom expect to stop working completely in retirement.

• Aspirations of “creative” pursuits in retirement are common among ProActive SelfActualizers and DaytoDay Embracers, but shared by only a minority of Clockwatchersand Doubters. Expectations of pursuing hobbies are very common among ProActive SelfActualizers and DaytoDay Embracers, fairly common among Clockwatchers, but uncommon among Doubters.

• Messages about the importance of “planning” are likely to resonate most with ProActive SelfActualizers, nearly 9 in 10 of whom see themselves as a “planner”. However, no more than half (4050%) of the other segments view themselves as planners, which suggests that messages promoting planning would resonate more if recast in terms of manageable scenarios to which nonplanners can relate. Example:

Anecdotes focusing on a nonplanner who improved his/her preparedness for the financial and nonfinancial sides of retirement by taking one or two concrete steps (e.g. wrote down nonfinancial and financial goals, used a retirement calculator)

AARP Research 50

• Optimism about retirement varies widely, with majorities of only two Segments—ProActive SelfActualizers and Cautious Clockwatchers expressing optimism about their retirement years. In contrast, a majority of Doubters express pessimism.

Some themes related to retirement resonate with majorities across all segments (or nearly a majority) and are likely to be useful when communicating with a broad crosssection of the population:

• Importance of emotional health in retirement• Importance of social connections in retirement• The retirement transition as a gradual process

Demographics alone are not a reliable indicator of segment membership. However, in the absence of attitudinal measures, certain combinations of demographics, such as household income, education, gender, and marital status can be used to make an educated guess about which segment an individual may belong to. (See Appendix B)

Conclusions and Implications (cont.)

AARP Research 51

APPENDIX A:Selected Findings by

Demographics

AARP Research

Optimism: Gender and Age Comparisons

(% Strongly/ Somewhat Agree)

Gender Age

TOTAL(n=2480)

Men(n=984)

Women(n=1494)

5054(n=867)

5559(n=878)

6065(n=735)

Retirement: financial hardship to me (Q5_d)

37% 33% 40% 40% 33% 35%

Confident I will have enough money in retirement (Q22_d)

37% 40% 35% 34% 37% 44%

May never be able to afford to stop working (Q22_f)

44% 45% 44% 48% 42% 41%

Overall I am pleased with the way things are going in my life (Q1_a)

64% 62% 66% 65% 64% 63%

I am optimistic about retirement* (Q4)

47% 47% 48% 40% 53% 53%

I am optimistic about the future (Q1_c)

67% 64% 70% 67% 70% 64%

I am unsure about what the future holds for me (Q1_d)

49% 50% 49% 51% 49% 48%

*With the exception of Q4, all percentages shown in this table represent the percentage of respondents who “strongly agree” or “somewhat agree” with each statement. Percentages shown for Q4 represent the % of respondents who indicated that they were “very optimistic” or “somewhat optimistic” about their (and their spouse/partner’s) retirement. Responses displayed here for Q4 represent the top 2 response options on a 5point optimism scale, whereas responses displayed for the other questions shown in this table represent the top 2 responses on a 5point agreement scale.Note: Percentages in green bold are significantly higher than the percentages shown in redwithin the same row and grouping.

52

AARP Research

Optimism: Education and Income Comparisons


Education Income

TOTAL(n=2480)

HS/Some College(n=1283)

Bachelors +(n=1197)

$40$59.9K(n=771)

$60$84.9K(n=916)

$85$124.9K (n=793)

Retirement: financial hardship to me (Q5_d)

37% 40% 30% 52% 31% 29%

Confident I will have enough money in retirement (Q22_d)

37% 33% 46% 27% 38% 45%

May never be able to afford to stop working (Q22_f)

44% 47% 39% 57% 39% 37%

Overall I am pleased with the way things are going in my life (Q1_a)

64% 63% 67% 55% 65% 71%

I am optimistic about retirement* (Q4)

47% 45% 52% 35% 51% 56%

I am optimistic about the future (Q1_c)

67% 66% 70% 57% 69% 75%

I am unsure about what the future holds for me (Q1_d)

49% 50% 48% 58% 47% 44%

*With the exception of Q4, all percentages shown in this table represent the percentage of respondents who “strongly agree” or “somewhat agree” with each statement. Percentages shown for Q4 represent the % of respondents who indicated that they were “very optimistic” or “somewhat optimistic” about their (and their spouse/partner’s) retirement. Responses displayed here for Q4 represent the top 2 response options on a 5point optimism scale, whereas responses displayed for the other questions shown in this table represent the top 2 responses on a 5point agreement scale.Note: Percentages in green bold are significantly higher than the percentages shown in red within the same row and grouping

53

AARP Research

Planning: Gender and Age Comparisons


Gender Age

TOTAL(n=2480)

Men(n=984)

Women(n=1494)

5054(n=867)

5559(n=878)

6065(n=735)

I consider myself to be a planner and plan carefully for the future (Q20_a)

55% 54% 56% 53% 57% 56%

I know what I want out of life and have a plan for making it happen (Q20_d)

46% 48% 44% 41% 46% 54%

I have a good sense of the amount of money I need to save for retirement (Q22_a)

50% 53% 47% 45% 51% 60%

I cannot find the time to plan for the future (Q20_e)

12% 13% 12% 15% 12% 9%

I have not spent much time thinking about what I’ll do in retirement (Q21ab_item c)

37% 36% 39% 42% 38% 29%

I know what I want out of life but don’t have a specific plan to achieve it (Q 20_c)

43% 41% 45% 44% 42% 42%

I rarely plan because many things are a matter of luck anyhow (Q20_b)

10% 11% 10% 11% 11% 8%

54

Note: Percentages in green bold are significantly higher than the percentages shown in red within the same row and grouping.

AARP Research

Planning: Education and Income Comparisons


Education Income

TOTAL(n=2480)


Bachelors +(n=1197)

$40$59.9.K(n=771)

$60$84.9K(n=916)

$85124.9K (n=793)

I consider myself to be a planner and plan carefully for the future (Q20_a)

55% 52% 61% 50% 58% 57%

I know what I want out of life and have a plan for making it happen (Q20_d)

46% 43% 51% 39% 48% 50%

I have a good sense of the amount of money I need to save for retirement (Q22_a)

50% 46% 58% 41% 53% 56%

I cannot find the time to plan for the future (Q20_e)

12% 13% 11% 14% 13% 11%

I have not spent much time thinking about what I’ll do in retirement (Q21ab_item c)

37% 41% 30% 43% 37% 33%

I know what I want out of life but don’t have a specific plan to achieve it (Q20_c)

43% 46% 38% 47% 43% 39%

I rarely plan because many things are a matter of luck anyhow (Q20_b)

10% 12% 7% 12% 10% 9%

55


AARP Research

Creativity and Social Connections: Gender and Age Comparisons

(% Strongly/ Somewhat Agree)Gender Age

TOTAL(n=2480)

Men(n=984)

Women(n=1494)

5054(n=867)

5559(n=878)

6065(n=735)

Retirement means more time to devote to my creative side (Q5_h)

57% 53% 60% 56% 58% 55%

Retirement means more time to pursue my interests/hobbies (Q5_f)

75% 75% 76% 77% 75% 72%

Retirement is an opportunity to pursue work that I am passionate about (Q5_s)

45% 44% 46% 47% 47% 40%

Retirement is a chance to pursue interests/hobbies I never had time for (Q5_g)

67% 65% 70% 70% 64% 68%

Retirement means more opportunity for socializing (Q5_r)

57% 54% 59% 60% 53% 56%

Social connections will be important in retirement (Q6_b)

70% 63% 76% 71% 69% 71%

Emotional health will be important in retirement (Q6_a)

94% 92% 97% 94% 95% 93%

56


AARP Research

Creativity and Social Connections: Education and Income Comparisons

(% Strongly/ Somewhat Agree)Education Income

TOTAL(n=2480)


Bachelors +(n=1197)

$40$59.9K(n=771)

$60$84.9K(n=916)

$85124.9K (n=793)

Retirement means more time to devote to my creative side (Q5_h)

57% 53% 63% 50% 60% 60%

Retirement means more time to pursue my interests/hobbies (Q5_f)

75% 73% 81% 70% 74% 82%

Retirement is an opportunity to pursue work that I am passionate about (Q5_s)

45% 40% 55% 38% 46% 51%

Retirement is a chance to pursue interests/hobbies I never had time for (Q5_g)

67% 66% 70% 64% 67% 71%

Retirement means more opportunity for socializing (Q5_r)

57% 56% 59% 51% 57% 61%

Social connections will be important in retirement (Q6_b)

70% 68% 74% 66% 71% 73%

Emotional health will be important in retirement (Q6_a)

94% 94% 95% 93% 95% 94%

57


AARP Research

Leisure: Gender and Age Comparisons


Gender Age

TOTAL(n=2480)

Men(n=984)

Women(n=1494)

5054(n=867)

5559(n=878)

6065(n=735)

Retirement is a time to stop working completely (Q5_l)

22% 16% 27% 24% 19% 21%

Retirement is a time of leisure (Q5_p)

71% 69% 73% 72% 71% 68%

Retirement is a time to indulge myself (Q5_o)

52% 49% 54% 52% 50% 53%

Retirement means fewer obligations (Q5_n)

56% 56% 56% 56% 58% 52%

58


AARP Research

Leisure: Education and Income Comparisons


Education Income

TOTAL(n=2480)


Bachelors +(n=1197)

$40$59.9K(n=771)

$60$84.9K(n=916)

$85124.9K (n=793)

Retirement is a time to stop working completely (Q5_l)

22% 23% 18% 22% 23% 20%

Retirement is a time of leisure (Q5_p)

71% 71% 70% 62% 73% 77%

Retirement is a time to indulge myself (Q5_o)

52% 52% 50% 47% 55% 53%

Retirement means fewer obligations (Q5_n)

56% 56% 56% 49% 57% 61%

59


AARP Research

The Retirement Transition: Gender and Age Comparisons“Which best describes how you expect to make the move into retirement / how

you made the move into retirement?”Gender Age

TOTAL(n=2472)

Men(n=982)

Women(n=1488)

5054(n=865)

5559(n=874)

6065(n=733)

All at once 20% 20% 20% 19% 22% 20%Gradually 58% 58% 58% 60% 56% 58%Not applicable / Same as pre-retirement life

21% 21% 21% 21% 21% 22%

Source: Q10a/Q10bNote: The findings shown above did not differ in a statistically significant manner by gender or age.

60

AARP Research

The Retirement Transition: Education and Income Comparisons“Which best describes how you expect to make the move into retirement / how

you made the move into retirement?”Education Income

TOTAL(n=2472)


Bachelors +(n=1192)

$40$59.9K(n=770)

$60$84.9K(n=914)

$85124.9K (n=788)

All at once 20% 19% 23% 16% 23% 21%Gradually 58% 59% 58% 57% 58% 60%Not applicable / Same as pre-retirement life

21% 22% 19% 27% 18% 19%

Source: Q10a/Q10b

61


AARP Research

Expected Employment in Retirement: Gender and Age Comparisons“Thinking about your employment status in later years, which of these best

describes what you think you will be doing when you retire?”Gender Age

TOTAL(n=2284)

Men(n=899)

Women(n=1384 )

5054(n=847 )

5559(n=828 )

6065(n=609 )

Not work at all 17% 17% 18% 18% 14% 22%

Work fulltime 12% 17% 10% 15% 12% 12%

Work parttime 57% 53% 57% 52% 59% 54%

Start your own business/work for yourself

12% 13% 12% 14% 13% 8%

Work (miscellaneous)* 3% 1% 3% 1% 2% 3%

Source: Q12. Base: Respondents who have never retired.

*“Work (miscellaneous)” represents respondents whose openended response to this question indicated that they expect to work in retirement without clarifying whether that work will fall into one of the predefined categories (fulltime, parttime, or selfemployment).Note: Percentages in green bold are significantly higher than the percentages shown in red within the same row and grouping.

62

AARP Research

Expected Employment in Retirement: Education and Income Comparisons“Thinking about your employment status in later years, which of these best

describes what you think you will be doing when you retire?”Education Income

TOTAL(n=2284)


Bachelors +(n=1085)

$40$59.9K(n=710)

$60$84.9K(n=841)

$85124.9K (n=733)

Not work at all 17% 18% 16% 10% 19% 22%

Work fulltime 12% 14% 13% 20% 9% 11%

Work parttime 57% 55% 56% 56% 57% 52%

Start your own business/work for yourself

12% 12% 13% 12% 13% 12%

Work (miscellaneous)* 3% 2% 3% 2% 1% 3%

Source: Q12. Base: Respondents who have never retired.

*“Work (miscellaneous)” represents respondents whose openended response to this question indicated that they expect to work in retirement without clarifying whether that work will fall into one of the predefined categories (fulltime, parttime, or selfemployment).Note: Percentages in green bold are significantly higher than the percentages shown in red within the same row and grouping.

63

AARP Research

Assistance Needed to Prepare for Next Step in Life: Financial AdviceGender and Age Comparisons

Gender Age

TOTAL(n=2480)

Men(n=984)

Women(n=1494)

5054(n=867)

5559(n=878)

6065(n=735)

Advice to help you prepare financially for retirement

31% 29% 33% 33% 31% 27%

Advice to help you manage your money in retirement

30% 30% 30% 31% 30% 29%

Information to determine your eligibility for public benefits

18% 20% 16% 17% 17% 21%

None – I do not need any assistance

39% 42% 37% 35% 42% 43%

Source: Q23. Items related financial advice/information. Note: Percentages in green bold are significantly higher than the percentages shown in red within the same row and grouping.

64

AARP Research

Assistance Needed to Prepare for Next Step in Life: Financial AdviceEducation and Income Comparisons

Education Income

TOTAL(n=2480)


Bachelors +(n=1197)

$40$59.9K(n=771)

$60$84.9K(n=916)

$85124.9K (n=793)

Advice to help you prepare financially for retirement

31% 32% 29% 29% 31% 33%

Advice to help you manage your money in retirement

30% 31% 29% 27% 31% 32%

Information to determine your eligibility for public benefits

18% 19% 15% 23% 16% 15%

None – I do not need any assistance

39% 41% 36% 38% 41% 39%

Source: Q23. Items related financial advice/information.Note: Percentages in green bold are significantly higher than the percentages shown in red within the same row and grouping.

65

AARP Research

Assistance Needed to Prepare for Next Step in Life: Work/CareerGender and Age Comparisons

Gender Age

TOTAL(n=2480)

Men(n=984)

Women(n=1494)

5054(n=867)

5559(n=878)

6065(n=735)


13% 13% 12% 15% 12% 10%


12% 13% 11% 14% 10% 11%


11% 13% 8% 14% 9% 8%

Job coaching to help you identify types of jobs you might like

10% 10% 10% 13% 9% 8%

Loan/scholarship to help you start own business

7% 7% 8% 8% 5% 7%

Loan/scholarship for more education or to get skills for new job

5% 5% 6% 6% 5% 4%

Source: Q23. Items related to work or career.Note: Percentages in green bold are significantly higher than the percentages shown in red within the same row and grouping.

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AARP Research

Assistance Needed to Prepare for Next Step in Life: Work/CareerEducation and Income Comparisons

Education Income

TOTAL(n=2480)


Bachelors +(n=1197)

$40$59.9K(n=771)

$60$84.9K(n=916)

$85124.9K (n=793)


13% 12% 14% 15% 12% 11%


12% 11% 14% 14% 10% 11%


11% 9% 13% 11% 13% 8%

Job coaching to help you identify types of jobs you might like

10% 9% 12% 11% 10% 9%

Loan/scholarship to help you start own business

7% 6% 9% 9% 7% 6%

Loan/scholarship for more education or to get skills for new job

5% 5% 6% 6% 5% 5%

Source: Q23. Items related to work or career.Note: Percentages in green bold are significantly higher than the percentages shown in red within the same row and grouping.

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AARP Research

Assistance Needed to Prepare for Next Step in Life: OtherGender and Age Comparisons

Gender Age

TOTAL(n=2480)

Men(n=984)

Women(n=1494)

5054(n=867)

5559(n=878)

6065(n=735)

Advice to help you prepare emotionally for the next step in your life

11% 10% 12% 13% 9% 13%

Life coaching to help you determine what to do with the rest of your life

10% 10% 11% 12% 9% 9%

Advice to help you prepare for your social needs and interpersonal relationships

6% 7% 6% 8% 4% 7%

Source: Q23. Items unrelated to financial issues or work.Note: The findings shown above did not differ in a statistically significant manner by gender or age.

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AARP Research

Assistance Needed to Prepare for Next Step in Life: OtherEducation and Income Comparisons

Education Income

TOTAL(n=2480)


Bachelors +(n=1197)

$40$59.9K(n=771)

$60$84.9K(n=916)

$85124.9K (n=793)

Advice to help you prepare emotionally for the next step in your life

11% 10% 14% 12% 9% 12%

Life coaching to help you determine what to do with the rest of your life

10% 8% 15% 10% 8% 12%

Advice to help you prepare for your social needs and interpersonal relationships

6% 5% 9% 7% 5% 6%

Source: Q23. Items unrelated to financial issues or work.Note: Percentages in green bold are significantly higher than the percentages shown in red within the same row and grouping.

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AARP Research 70

APPENDIX B:Are Demographic Characteristics

Predictive of Segments?

AARP Research

Overview of Demographic Predictor Analysis• A CHAID analysis was conducted in an effort to determine whether demographics can be used to predict segment membership.

Results:• While individuals with certain demographic characteristics were more likely than others to belong to certain segments, it does not

appear that demographic characteristics alone would be a reliable indicator of segment membership.

• As illustrated on the following slide, however, some noteworthy patterns did emerge:

– Education level is a useful method of determining likelihood of being a Proactive SelfActualizer or a Cautious Clockwatcher. For example, 34% of those with a bachelor’s degree or higher were classified as Proactive SelfActualizers compared to just 21% of those with only some college and 17% of those with no more than a high school degree. In contrast, 40% of those with no more than a high school degree were classified as Cautious Clockwatchers compared to just 30% of those with some college or more education.

• Education and household income together may also be a useful gauge as 37% of those with both a bachelor’s degree or higher and household income of $60,000 or higher were classified as Proactive SelfActualizers compared to just 22% of those with a bachelor’s degree or higher and household income of $40,000$59,999.

– Relatively low household income alone is a useful method of identifying potential DaytoDay Embracers or Doubters. For example, 32% of those with household incomes of $40,00059,999 are DaytoDay Embracers and 24% are Doubters. In comparison, of those with incomes of $60,000 or higher, only 23% are DaytoDay Embracers and just 14% are Doubters.

• Adding marital status to household income is even more useful in identifying potential DaytoDay Embracers. For example, of those with household incomes of $40,00059,999 and who are not married/not living with a partner, 39% were classified as DaytoDay Embracers compared to just 27% of those with the same income level who are married or partnered.

• Adding gender to household income helps to identify potential Doubters. Specifically, 30% of men with household incomes of $40,000$59,999 were Doubters, compared to just 19% of women with the same household income.

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Note: The percentages displayed in the discussion of the CHAID analysis may differ in some instances from percentages displayed in other sections of the report. These differences, which may range from 1 to 2 percentage points, arise due to differences in the way the CHAID analysis handles weighting.

AARP Research 72

Proactive SelfActualizers(24% of sample)

DaytoDay Life Embracers(27% of sample)

Doubters(17% of sample)

Cautious Clockwatchers(33% of sample)

Bachelors degree or more (34% vs. 21% Some college and 17% HS degree) Bachelors degree or more AND >60K Household income (37% vs. 22% of Bachelors degree or more AND 4059.9K Household income )

4059.9K Household income (32% vs. 23% of >60K Household income)4059.9K Household income AND Single or not living w/ partner (39% vs. 27% of 4059.9K Household income AND Married or living w/ partner)4059.9K Household income AND Single or not living w/ partner AND 55 to 65 (44% vs. 31% of 4059.9K Household income AND Single or not living w/ partner AND 50 to 54)Female with >$60K Household income and Some College (37% vs. 21% of Male with >$60K Household income and Some College ) 4059.9K Household income (32% vs. 23% of >60K Household income)4059.9K Household income AND 50 to 54 and Married or living with partner (38% vs. 20% of 4059.9K Household income AND 55 to 65 and Married or living with partner)

4059.9K Household income (24% vs. 14% of >60K Household income) 4059.9K Household income AND Male (30% vs. 19% of 4059.9K Household income AND Female) 4059.9K Household income AND Male AND White NonHispanic (33% vs. 15% of 4059.9K Household income AND Male AND NonWhite or Hispanic )

HS degree (40% vs. 30% of Some College or more)HS degree AND NonWhite or Hispanic (56% vs. 38% of HS degree AND White or NonHispanic)

HS degree (40% vs. 30% of Some College or more)HS degree AND >60K Household income and White NonHispanic (42% vs. 31% of HS degree AND 4059.9K Household income and White NonHispanic) 50 to 54 year old males with at least some college (41% vs. 33% of 55 to 65 males with at least some college)

Best Demographic Predictors (with % of each demographic combination falling into segment)

AARP Research

Best Demographic Predictors (with % of segment matching demographic description)

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Proactive SelfActualizers(24% of sample)

DaytoDay Life Embracers(27% of sample)

Doubters(17% of sample)

Cautious Clockwatchers(33% of sample)

Bachelors degree or more (47%) Bachelors degree or more AND >60K Household income (41%)

4059.9K Household income (39%) 4059.9K Household income AND Single or not living w/ partner (20%) 4059.9K Household income AND Single or not living w/ partner AND 55 to 65 (14%)

Female with >$60K Household income and Some College (16%) 4059.9K Household income (39%) 4059.9K Household income AND 50 to 54 and Married or living with partner (10%)

4059.9K Household income (45%) 4059.9K Household income AND Male (25%) 4059.9K Household income AND Male AND White NonHispanic (23%)

HS degree (42%)HS degree AND NonWhite or Hispanic (7%)HS degree (42%) HS degree AND >60K Household income and White NonHispanic (23%) 50 to 54 year old males with at least some college (14%)

AARP Research 74

APPENDIX C:Demographic Profile of Respondents

AARP Research 75

% of Respondents(n=2,480)

Age

5054 43%

5559 34%

6065 24%

Education

H.S. Degree / equiv 34%

Some college/ assoc 32%

Bachelors + 34%

% of Respondents(n=2,480)

HH Income

$40K59.9K 32%

$6074.9K 20%

$7599.9K 27%

$100 – 124.9K 21%

Employment

Fulltime 78%

Parttime 16%

Unemployed/looking 3%

Not working/not looking

3%

Respondent Profile

AARP Research

Notes

1 The “Work (miscellaneous)” category displayed in the chart on page 27 represents respondents who indicated that they expect to work in retirement without clarifying whether that work will fall into one of the predefined categories (fulltime, parttime, or selfemployment).

2 The chart on page 28 excludes the small share of respondents (less than 1%) whose responses fell into an “other” category.

3 The “creative work” grouping on page 34 represents an attempt to highlight occupations that are artistic in nature and that may be particularly likely to provide opportunities for exercising creativity. The following types of responses were included in this grouping: pursue art/be an artist, pursue writing/be a writer, photography, craft work, and general references to creativity such as “creative work” or “something creative.” However, realistically, it should be noted that opportunities for exercising one’s creativity most likely exist in any occupation and additional analysis of the data is needed to get a better sense of the extent to which respondents who named other occupations consider those other occupations to be “creative” pursuits.

4 The “personal preparation” category mentioned on page 38 includes personal preparation unrelated to finances such as pursuing hobbies, maintaining ties with family and friends, and writing down goals.

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Documents

Retirement Attitudes Segmentation Survey€¦ · Segmentation Survey 2013. AARP Research 2 Retirement Attitudes ... AARP collected theadat for this project through an online survey