Baby Boomers to Labor During Golden Years

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Baby Boomers to Labor During Golden Years
  Allstate Survey Finds Income not the Primary Motivator to Continue Working
                            Throughout Retirement

    NORTHBROOK, Ill., Sept. 2 /PRNewswire/ -- According to the second annual
Allstate "Retirement Reality Check" survey, Baby Boomers expect to embrace
retirement as an extension of their working lives, with 71 percent of those
surveyed saying that they will continue to work in some capacity during their
golden years.
    Despite the fact that they will continue to work, 59 percent of the survey
respondents still believe the best years of their lives will come in
retirement.  Apparently, many Boomers do not see retirement as the great
escape from their jobs, with 63 percent of those surveyed stating that they
enjoy the social interaction, and 57 percent indicating that they enjoy the
work.
    Survey results show that social reasons, not money, are the main factors
driving these Boomers to work during retirement.  Yet the numbers also
indicate that there is a flip side to this story, as 47 percent of those
surveyed say that they will continue to work because they need the income.  In
fact, 53 percent of survey participants are worried that they will not be able
to meet their retirement savings goals by retirement.  Among those individuals
worried about not having enough money, the survey revealed that female Boomers
are more concerned (55 percent) than males (48 percent).
    The Allstate "Retirement Reality Check" also revealed that men and women
have different reasons for working during retirement.  Among survey
respondents, women are more likely to continue to work for the social
interaction it provides (69 percent vs. 56 percent of men), whereas men say
they will work simply because they enjoy working (62 percent vs. 53 percent of
women).

    Want, or Need?
    "Ultimately, Baby Boomers may end up facing an uncomfortable reality --
that they could fall short of their retirement savings goals," said Tom
Wilson, president of Allstate Financial, a business unit of The Allstate
Corporation.  "Our survey revealed that most Baby Boomers believe they know
how much money they need to save to retire and that they are financially
prepared for retirement.  However, over half of the respondents are worried
they won't be able to meet these goals by retirement.  Proper planning and
guidance will allow Americans to strike that necessary balance between wanting
and needing to work, so that their retirement years can truly be golden."
    Baby Boomers also expect to still find time to enjoy other activities.
Eighty-six percent of Baby Boomers surveyed said they will be as busy during
retirement with activities as they ever were during their working years. Some
activities Boomers intend to enjoy during retirement include reading,
exercise, travel and spending time with family.
    The second annual Allstate "Retirement Reality Check" survey was created
by Allstate Financial in conjunction with Harris Interactive.  Using a random
digit dialing methodology, Harris polled 1,400 people born between 1946 and
1961, with household incomes ranging from $35,000 to $100,000.  A sample of
200 African-Americans and 200 Hispanics were interviewed as part of the total
sample surveyed.  The margin of error is plus or minus 3.1 percent for the
general population, and plus or minus 6.9 percent for information specific to
Hispanics and African-Americans.
    The Allstate Corporation (NYSE: ALL) is the nation's largest publicly held
personal lines insurer.  Widely known through the "You're In Good Hands With
Allstate(R)" slogan, Allstate provides insurance products to more than 14
million households and has approximately 12,500 exclusive agents and financial
specialists in the U.S. and Canada.  Customers can access Allstate products
and services through Allstate agents, or in select states at allstate.com and
1-800-Allstate.  Encompass(SM) and Deerbrook(R) Insurance brand property and
casualty products are sold exclusively through independent agents.  Allstate
Financial Group includes the businesses that provide life insurance,
retirement and investment products, through Allstate agents, workplace
marketing, independent agents, banks and securities firms.
SOURCE Allstate Corporation
http://www.allstate.com
Company News On-Call:
http://www.prnewswire.com/gh/cnoc/comp/109885.html
CONTACT:
Maura Devine for Allstate, +1-312-545-3995