CESI Debt Solutions conducted a national survey to assess when and how people started saving for retirement and what types of debt play into these retirement decisions. Click here to read the full news release and summary of the survey.
CESI DEBT SOLUTIONS NATIONAL SURVEY: Retirement & Credit Card Debt
Results of Survey: June 30, 2010
At what age did you start saving for your retirement?
27%
18-35
23%
35-45
17%
45-55
9%
55
24%
I have not saved for my retirement.
“RETIRED” RESPONDENTS:
At what age did you retire?
37%
Before age 55
37%
Between ages 50 and 60
26%
Between ages 60-70
0%
After age 70
Did you delay your retirement at all because of outstanding debt (i.e. mortgage, student loans, credit cards, auto loans, etc)?
4%
Yes
96%
No
When you retired, how much did you have saved for retirement:
30%
Nothing
16%
0-$9,999
13%
$10,000 – $49,999
9%
$50,000 – 99,999
32%
$100,000 or more
Did you retired, did you owe any debt? If so, please check all that apply.
35%
Credit Cards
30%
Mortgage
19%
Auto Loans
4%
Student Loans
11%
Other
44%
I did not have any debt.
Have you accumulated any credit card debt since your retirement?
29.6%
Yes
70%
No
If so, how much credit card debt have you accumulated since your retirement?
70%
None
No significant differences
$1 – $499
$500 – $2,499
$2,500 – $4,999
$5,000 – $9,999
$10,000 – $14,999
$15,000 or more
What types of items have been purchased on your credit cards since you retired?
33%
Medication/Prescriptions
20%
Doctor, hospital bills other medical-related expenses
0%
In-home care/assistance
7%
Gym memberships
31%
Leisure activities / entertainments
6%
Medical equipment
6%
Rent/Mortgage
7%
Vehicle purchase
19%
Vehicle maintenance
43%
Gasoline
33%
Clothing/Accessories/Jewelry
31%
Gifts
31%
Student loans
0%
Purchases for family members
28%
Food, groceries
39%
Vacation, travel
26%
Funeral arrangements
2%
Other (Please Describe):
How are you planning to pay back this debt? Check all that apply.
2%
Going back to work full-time.
9%
Going back to work part-time.
0%
Borrowing money from friends and family.
2%
Selling my home or vehicle(s).
4%
Cashing in my investments (such as 401K or IRA).
0%
Home equity loan/taking out another line of credit somewhere else.
39%
I am not worried about paying back this debt in my lifetime.
n/a
Other (Please describe):
“NON-RETIRED” RESPONSES:
When do you plan to retire?
3%
Less than one year
5%
1 – 4 years
11%
5 – 9 years
29%
10 -19 years
52%
20 years or more
What kind of debt do you have?
51%
Credit card
34%
Mortgage
30%
Auto Loan
18%
Student Loan
32%
Other
Do you think you will be debt-free before retirement?
57%
Yes
43%
No
Do you fear that you will have to delay your retirement plan because of debt?
43%
Yes
51%
No
How much credit card debt do you currently have?
39%
None
11%
$1 – $499
15%
$500 – $2,499
10%
$2,500 – $4,999
11%
$5,000 – $9,999
6%
$10,000 – $14,999
9%
$15,000 or more
How are you planning to pay back this debt? Check all that apply.
53%
Going back to work full-time.
12%
Going back to work part-time.
0%
Borrowing money from friends and family.
2%
Selling my home or vehicle(s).
1%
Cashing in my investments (such as 401K or IRA).
1%
Home equity loan/taking out another line of credit somewhere else.
27%
I am not worried about paying back this debt in my lifetime.
<9%
Other (Please describe):
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About Nicole Plescher
Is there perhaps a press release somewhere providing information about the methodology of the survey?
Mike – I don’t have a link on our site that goes into more detail than the survey results, but if you want to email me directly I can try to answer any questions you may have.
You can reach me at outreach@mycesi.org
I’m so love this blog, already bookmarked it! Thanks.