QuickFACTS is our monthly newsletter containing recent news and developments about retirement, generations, longevity, and the workplace.
A Glimpse of Your Future Could Boost Your Savings
Stanford University scientists have found that younger people have trouble visualizing themselves as elderly, which can limit how much they invest in their retirement plans. When the researchers showed a group of young people computer-aged photos of themselves, they became more inclined to increase their retirement investment. You can experience your own photographic aging by going to the Web site faceretirement.merrilledge.com. And you can find some help in estimating how much you will need for retirement with a calculator developed by the Employee Benefit Research Institute at choosetosave.org/ballpark.
The Most Empathetic Age
Researchers at the University of Michigan and North Carolina State University have found that the middle-aged people they interviewed were more empathic than both their younger and older age cohorts: They reacted more emotionally to others’ experiences and were more inclined to try to understand others’ perspectives. The women were more empathic than the men. The researchers warn, however, that age may not be the determining factor. They suggest that the members of the current generation of middle-aged people may be unusually empathic because they grew up in a time of social upheavals such as the civil rights movement.
Comparing the Generations’ Expectations for Retirement
In a survey by the Insured Retirement Institute, 35% of Baby Boomers and 25% of Generation Xers said they planned to keep working after age 65. If they follow through on their plans, it will mark a major change. The IRI survey reported that just 17.9 percent of people over age 65 were in the labor force in recessionary
2011, and that was a sharp rise from 10.7% in 1986. Half of the retirees said they retired earlier than planned, with 51% listing health issues as the cause. Among boomers, 30.8% said they didn’t know when they’d retire, and that was true of 26.7% of the Gen Xers.
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