Merrill Edge® Report

Merrill Edge Report: Fall 2016
Our nationwide survey, delivered semi-annually, takes an in-depth look at the financial concerns and priorities of mass affluent Americans—U.S. households with investable assets ranging from $50,000 to $250,000.
Fall Merrill Edge Report Head of Merrill Edge Aron Levine provides an overview of the survey findings. Click to play Merrill Edge Report: Spring 2016 video with Aron Levine, head of Merrill Edge

Insights from the Merrill Edge Report

of millennials plan to work in retirement


The majority of millennials plan to work, which is a complete inverse of the 83% of today's retirees who are not currently working or haven't worked during their golden years.
of Americans don't think they need more than $1 million to retire

Growing savings

Many Americans are unable to articulate their "magic number" and those who can underestimate the amount.
of Americans save for retirement so they can take care of family

A family

When asked why they save, affording daily life and taking care of family are top responses. However, this doesn't mean talking about retirement with family is easy.
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Braun Research, Inc. conducted a nationally representative telephone survey on behalf of Merrill Edge. The survey was conducted from September 24, 2016 through October 5, 2016, and consisted of 1,045 mass affluent respondents throughout the U.S., defined as individuals with investable assets (value of all cash, savings, mutual funds, CDs, IRAs, stock, bonds and all other types of investments excluding primary home and other real estate investments). Respondents in the study were defined as aged 18 to 34 (millennials) with investable assets between $50,000 and $250,000 or those aged 18 to 34 who have investable assets between $20,000 and $50,000 with an annual income of at least $50,000; or aged 35-plus with investable assets between $50,000 and $250,000. We conducted an oversampling of 300 mass affluents in the following markets: San Francisco; Los Angeles; Orange County, California; Dallas; New Jersey; South Florida; Chicago; Atlanta; and Phoenix. The margin of error is +/- 3.0 percent for the national sample and about +/- 5.7 percent for the oversample markets, all reported at a 95 percent confidence level.
"In previous reports, we found younger generations were redefining what it means to retire. This report goes one step further and questions if the milestone as we know it today is nearing extinction. If millennials and Gen Xers want a traditional retirement, they need to take action in the short term and plan for the uncertainties of the long term, especially as we continue to see competing priorities, such as debt and caring for aging parents and children, derail these good intentions."
Aron Levine,
Head of Merrill Edge
Useful links & resources
Reporters may contact:
Mike Conner
Bank of America
980.386.8359 | Email