Survey Shows Retiree Stress Is On The Rise

The bumper sticker reads "No phone, no job, no worries-I'm retired!" But is it still true?

With 7,900 baby boomers turning 60 every day in the U.S., views about retirement are changing. Retirees are under more stress than ever before, expecting to live longer-and work longer-than in years past. Middle-income workers don't expect to retire until a full two years after the minimum retirement age of 65.


According to the third annual AXA Equitable Retirement Scope survey, retiree stress jumped 19 percent between 2005 and 2006, topping the list of health concerns for retired Americans. Women in particular are concerned about stress. More than 96 percent of retired females said stress is the biggest threat to their health. Pollution, smoking and fast food are other leading health concerns. Having sufficient income and outliving assets were other concerns cited by retirees and workers alike.

For some groups, retirement is being faced with trepidation. Low- and middle-income Americans, in particular, fear retirement. The survey found that most middle-income Americans expect to work until age 67, and half worry about having sufficient income when retired. A full 77 percent expect to hold a paid job once retired. Currently, only 16 percent of retired Americans hold a paying job.

But there is a silver lining. Americans have the highest retirement income and save more for retirement than anyone else in the world. The survey also looked at retirement trends on a worldwide basis, with more than 6,900 people between the ages of 25 and 75 in 11 countries surveyed. U.S. workers don't view people as "old" until age 77. U.S. workers save, on average, 6 a month for retirement, more than double the amount saved by workers in Germany, Italy and France, and nearly 10 times the amount saved by workers in China.

"Our survey shows that people in the U.S. are the most active in preparing for their retirement," said Ken Gelman, vice president and director of market research for AXA Equitable. "Americans are paying more attention to retirement, knowing that they may have to work longer and retire later to enjoy the type of retirement they are dreaming about."

Gelman concluded that the U.S. leads the world in retirement. "Out of the 11 countries surveyed, U.S. retirees are happiest, travel the most, are first in homeownership and believe they have the best financial situation."

The third annual survey is part of AXA's continued effort to enhance its understanding of the issues, perceptions, concerns and wishes surrounding retirement, for the ongoing development of innovative financial and retirement planning services. Both workers and retirees were surveyed about their financial preparations, quality of life and views on retirement.