Atlantans Differ from Nation in Long-term Retirement Plans

ATLANTA, GA – Nearly half (43 percent) of Atlanta non-retirees surveyed expect to retire when they achieve a specific financial milestone or savings goal; in comparison only 25 percent of non-retirees throughout the nation said the same.

And, nationally, only 10 percent of retirees said they entered retirement upon reaching their financial goals, instead many retired due to hitting a certain point in their career (33 percent) and when they hit a certain age (26 percent).

A new Merrill Edge Report explores the variation in retirement planning among Atlanta non-retirees versus national respondents and how the respective groups are valuing specific retirement milestones and timing differently.

The survey of more than 1,000 mass affluent Americans1, which oversampled 300 Atlanta residents, found differences in what today’s Atlanta-based non-retirees are planning for retirement compared with national non-retirees, and how national retirees are actually living. When asked what they think will dominate their financial future, only eight percent of Atlanta residents expect it will be daily expenses in retirement, compared with almost one third (28 percent) of national respondents.

“It’s encouraging to see the Atlanta community is beginning to take a goal-oriented approach to saving for retirement,” said Aron Levine, head of Merrill Edge at Bank of America. “However, life changes, so residents should take the proper steps to plan for their desired lifestyle in retirement and also revisit their plans on a regular basis to help ensure they stay on the right track.”

In line with the national findings, the survey also revealed that Atlanta residents are viewing retirement as a time to reinvest in themselves, their personal interests, and finances for optimal retirement living.

Nearly half (47 percent) of Atlanta non-retirees optimistically view retirement as something they look forward to, compared to 38 percent of national non-retirees. Similar to national non-retirees, Atlanta non-retirees also perceive the life milestone as an opportunity to explore their passions (30 percent vs. 28 percent of national non-retirees).

The survey found residents’ optimism about their golden years also extends to the upcoming election. Nearly half (43 percent) of Atlanta residents believe the outcome of the 2016 presidential election will have positive impact on their long-term financial goals, compared to only 30 percent of national respondents. The same holds true when they consider how the upcoming presidential election will impact the future economy, with more than half (52 percent) of Atlanta residents believing it will have a positive impact, compared to only 37 percent of national respondents.

For more in-depth information about the financial behaviors and priorities of mass affluent Americans, read the entire Spring 2016 Merrill Edge Report here.