What Atlantans Think About Retirement

ATLANTA–(BUSINESS WIRE)– Ah, the easy life of retirement – not so much for two in five Atlantans who think they’ll need to work. But more than half like Atlanta so much that they’ll stay here, many because of family and friends or the good medical facilities. And while Atlantans think they’ll need $750,000 to retire, the median amount saved is just $100,000. These are highlights of a new survey done for Wells Fargo. The details:

• Two out of five (41%) Atlanta area pre-retirees expect they will need to work during retirement in order to afford their lifestyle or make ends meet. Another 40% say they’ll work in retirement because they want to.
• Fifty-seven percent of pre-retirees in Atlanta plan to stay in the area when they retire; their top three reasons for staying are family and friends nearby, good weather, and low cost of living. Retirees cite similar reasons for settling in the area.
  • Seventy-one percent of retirees cite being close to family and friends as a major factor for retiring in Atlanta. Good medical facilities and not having to relocate are also important.
  • Among 10 major cities including Atlanta, those in Washington are least likely to retire there (38%) and those in Chicago are most likely (65%). Atlanta is close to Miami (55%) and Philadelphia (59%).
• About a third of Atlanta respondents (retirees and pre-retirees) rate health care facilities in their area as among the best in the country.
  • In Houston, 70% think their health care facilities are among the best. In Miami just 12% do. Atlantans (32%) are closest to Washingtonians (31%).
• The median amount Atlanta pre-retirees have saved for retirement is only 13% of what they believe they actually need. Atlanta pre-retirees believe they need $750,000 for retirement; the median amount saved is $100,000.
• Almost 50% of Atlanta area pre-retirees say their biggest fear about retirement savings is that they will do all the right things today and it still won’t be enough.
• Seven out of ten (72%) Atlanta area retirees are confident they will have enough money to live the lifestyle they want throughout retirement.
  • Despite this confidence, 28% of Atlanta retirees agree that they need to significantly cut back spending today in order to have enough money throughout their retirement.
• Among Atlanta respondents with children, 41% agree that they will not be able to leave an inheritance to their children due to the money needed to support their retirement.
• Atlanta pre-retirees under 65 are evenly split 50/50 on whether it is more likely that the Falcons will win the Super Bowl by the time they are 65 or they will be able to retire at 65!

About the Survey

On behalf of Wells Fargo Retirement, Richard Day Research conducted an online survey between December 2^nd and December 18, 2011 among Atlanta area residents ages 25-75 with $25K+ in investable assets (total n=366). Comparisons were made to a similar national online sample of n=1,190.

About Wells Fargo

Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.3 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, the Internet (wellsfargo.com and wachovia.com), and other distribution channels across North America and internationally. With more than 270,000 team members, Wells Fargo serves one in three households in America. Wells Fargo & Company was ranked No. 23 on Fortune’s 2011 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially.

About Richard Day Research (a Market Probe company)

Richard Day Research is a full-service market research firm, located in Evanston, Ill., specializing in behavioral and opinion research among hard-to-reach populations and professional communities. For more information, visit rdresearch.com.

Wells Fargo & Company Jay Lawrence, 404-214-3805 (o) or 404-772-3596 (c)

Source: Wells Fargo & Company