Charles Schwab: New Online Survey Draws 2,000 Participants for Discussion on Retirement and Wealth

SCHW | Quote | Chart | News | PowerRating -- A new online survey tool created by Charles Schwab & Co., has drawn almost 2,000 participants to log in and compare their preparation for and views on retirement and wealth, the company reported.

The site was opened to the public July 15, in conjunction with the launch of its study, "Rethinking Retirement: Four American Generations Share Their Views on Life's Third Act."

According to Charles Schwab & Co, members of the four generations - Silent Generation (born between 1924 and 1944), Boomers (born between 1945 and 1964), Generation X (born between 1965 and 1976) and Generation Y (born after 1976) - have visited the site steadily since it was launched. Of the 1,642 - and counting - online survey participants, Boomers had the highest representation, accounting for more than 45 percent of participants, followed by Generation X (28 percent), Generation Y (18 percent) and the Silent Generation (10 percent).

"The 'Rethinking Retirement' study was a unique opportunity to hear what's on the minds of four different generations as it relates to retirement," said Andy Gill, senior vice president, investor services. "We heard some interesting things that opened our eyes to how Americans are truly thinking about spending their later years - their 'third act' if you will. The launch of the online survey was partly an effort to continue our research, but mostly a first step toward educating the public and encouraging them to make more informed decisions regarding their financial futures."

The company also noted that unlike Generation X, Generation Y and Boomers who list "uncovered medical expenses" as their greatest concern, by a significant margin (on average over 20 percent), in their retirement, the Silent Generation is most worried about living longer than expected and outliving their funds.

"This finding can be a tremendous learning opportunity for the other generations," said Gill. "The fact that members of the Silent Generation, some already deep into their retirements, were the most concerned about outliving their funds may lead younger generations to pay closer attention to their savings and investing gearing up for retirement. It's a cautionary sign that we hope will encourage other generations to anticipate needing more money in retirement than they may have previously believed, or at least to rethink their financial requirements for retirement."

Additionally, when it comes to opinions on the requirement for being considered "wealthy," participants from the Silent Generation have the highest average annual income requirement: nearly $600,000; Generation Y has the lowest requirement: $346,100.

Visitors to the site are asked to respond to 12 questions selected from the original "Rethinking Retirement" study. Questions elicit opinions on retirement regarding personal finance, financial education, the workplace, and lifestyle in retirement. A full list of questions can be found below.

The Charles Schwab Corp. is a provider of financial services.

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