MUST BE 35 TO 64 TO QUALIFY. ALL OTHERS TERMINATE. COUNTER QUOTA FOR AGE GROUPS.

Transcription

1 2016 Puerto Rico Survey Retirement Security & Financial Resilience Labor Force Participants (working or looking for work) age 35 to 64 and current Retirees Total sample n=800, max Retirees (may be current or former retirees for quota count) n=200 INTRO We are calling people in Puerto Rico to ask for their opinions about some public issues. We are not trying to sell you anything, we are only interested in your thoughts and there is no right or wrong answer. Your views are important and we would greatly appreciate your participation in this survey. SCREENING & QUOTA MARKING S1. To begin, can you please tell me your age as of your last birthday? [IN YEARS] MUST BE 35 TO 64 TO QUALIFY. ALL OTHERS TERMINATE. COUNTER QUOTA FOR AGE GROUPS. S2. GENDER RECORD BY OBSERVATION. ASK ONLY IF ABSOLUTELY NECESSARY: To ensure it is recorded accurately, could you please state your gender? Male Female S3. Which of the following best describes your current employment status? Are you? (READ LIST. SELECT ONE.) 1. Employed full-time 2. Employed part-time 3. Retired and not working at all (CHECK QUOTA) 4. Unemployed and looking for work 5. Or are you not in the labor force for other reasons (TERMINATE) t sure/ (DO NOT READ) (TERMINATE) d (DO NOT READ) (TERMINATE) IN LABOR FORCE = 1, 2, 4 EMPLOYED = 1, 2 RETIRED = 3 S4. [IF EMPLOYED] Are you? READ LIST, SELECT ONE. [IF RETIRED] Before you retired, were you? READ LIST, SELECT ONE. A local, state or federal government employee An employee of a private sector business, company or organization (IF NECESSARY: non Puerto Rico Retirement & Financial Resilience Survey, Draft Page 1 of 11

2 government organization that may be either non-profit or for profit.) Self employed t sure/ (DO NOT READ) d (DO NOT READ) S5. A. [IF EMPLOYED IN PRIVATE SECTOR/NON GOVERNMENT] Approximately how many employees are employed at the organization where you work? Would you say READ LIST B. [IF RETIRED FROM PRIVATE SECTOR/NON GOVERNMENT] Approximately how many employees were employed by the organization where you work? Would you say READ LIST C. [IF SELF EMPLOYED] Approximately how many employees do you employ? Would you say READ LIST 1 to to to to 5,000 More than 5,000 t sure/ S6. [IF IN LABOR FORCE] Have you ever retired from a previous job? IF YES AT S6, ALSO COUNT TOWARD RETIREE QUOTA S7. [IF RETIRED OR YES AT S6/PREVIOUS RETIREE] Did you have to retire earlier than you expected because of either job loss, a health issue or some other event? d S8. [IF RETIRED] After retiring, some people will return to some form of work. How likely are you to ever go back to working for pay? Would you say READ LIST Extremely likely Very likely Moderately likely 2016 Puerto Rico Retirement & Financial Resilience Survey, Draft Page 2 of 11

3 t very likely t at all likely t sure/ [DO NOT READ] MAIN QUESTIONNAIRE 1. Which one of the following best describes how well you are managing financially these days? Struggling Just getting by Doing okay Living comfortably t sure/don t know 2. Which of the following did you, or your family living with you, experience in the past year? Lost a job Work hours and/or pay reduced Received a foreclosure or eviction notice Business you owned had financial difficulty Had a health emergency in the family Death of primary breadwinner Investments lost value Other 3. Are you currently providing any financial support to INSERT FROM LIST, ROTATE i. and ii. i. your adult children or grandchildren? ii. your parents? iii. Someone else? (SPECIFY) d 4. Do you currently receive any financial support from your children or grandchildren? d 2016 Puerto Rico Retirement & Financial Resilience Survey, Draft Page 3 of 11

4 5. Compared to five years ago (since 2011), would you say that you (and your family living with you) are better off, the same, or worse off financially? [IF BETTER OR WORSE:] And is that somewhat or much? Much worse off Somewhat worse off About the same Somewhat better off Much better off 6. Think about the next generation of your family (e.g., your children, nieces, nephews, etc.). When they are your age, do you think that they will be better off, the same, or worse off financially than you are today? [IF BETTER OR WORSE:] And would that be somewhat or much? Much worse off Somewhat worse off About the same Somewhat better off Much better off 7. A. [IN LABOR FORCE] How much thought have you given to the financial planning for your retirement? B. [IF RETIRED] How much thought did you give to the financial planning for your retirement? Would you say READ LIST ne at all A little Some A fair amount A lot 8. [IN LABOR FORCE ONLY] Thinking about your future, do you hope to be able to completely retire one day and not work either full-or part-time for pay? I haven t thought about it t sure 2016 Puerto Rico Retirement & Financial Resilience Survey, Draft Page 4 of 11

5 9. [IN LABOR FORCE ONLY] Overall, how confident are you that you will be able to retire at some point and no longer work for money? Extremely confident Very confident Somewhat confident t too confident t at all confident t sure/ [DO NOT READ] 10. A. [IN LABOR FORCE ONLY] People have different ideas about retirement, what age do you consider to be YOUR retirement age? B. [IF RETIRED] At what age did you retire? (ENTER AGE) 97=DO NOT EXPECT TO RETIRE (DO NOT READ) 98=DON T KNOW (DO NOT READ) 99=REFUSE (DO NOT READ) 11. [IF RETIRED] Did you have to work longer than you expected to? t sure 12. [IF IN LABOR FORCE] Which one of the following best describes your plan for retirement? I do not plan to retire Gradually work fewer hours before I stop working altogether Work full time then retire and stop working altogether Retire from my current career and then find a different full-time job Retire from my current career and then find a different part-time job Retire from my current career and then work for myself Keep working as long as possible Other (please specify): 2016 Puerto Rico Retirement & Financial Resilience Survey, Draft Page 5 of 11

6 13. As you think about your finances in the future, how anxious do you feel about having enough money to live comfortably through your retirement years? Are you [READ EACH ANSWER CATEGORY]? Extremely anxious Very anxious Moderately anxious t very anxious t anxious at all t sure/ [DO NOT READ] 14. Based on your current financial situation, what is the largest emergency expense that you could pay for right now using cash or money in your checking/savings account? (Without having to borrow or use a credit card.) Would you say READ LIST $100 or less $100 to $199 $200 to $299 $300 to $399 $400 to $499 $500 or more 15. Which of the following categories, if any, are you saving for? Education (yours or someone else's) Retirement Your children Home purchase Some other significant purchase like a car or a trip To support my lifestyle and buy things that I want Pay off debts Unexpected expenses or emergencies Just to save Anything else? (Specify) ne, am not saving (DO NOT READ) 16. [IF EMPLOYED] Does your current employer offer any of the following ways to save for retirement or not? [IF UNEMPLOYED] Did your most recent employer offer any of the following ways to save for retirement or not? 2016 Puerto Rico Retirement & Financial Resilience Survey, Draft Page 6 of 11

7 [IF RETIRED] Did your previous employer offer any of the following ways to save for retirement or not? A. A traditional pension plan that pays retirees a fixed amount during retirement based on a formula of salary and years of service? [IF NEEDED: It is not a 401(k) plan]. B. A 401k, 403b or other plan where you contribute a percent of your salary to invest for retirement? [IF NEEDED: in this type of plan the employee has an individual savings account set up in their name. The worker s contributions may be matched by the employer.] C. A SIMPLE I-R-A or S-E-P plan? [IF NEEDED: a SIMPLE IRA or SEP is a savings incentive plan that allows employers to contribute to a traditional IRA (Individual Retirement Account) or Annuity of an employee.] 17. [If to B or C:] Do/Did you make contributions to an account through this type of plan? 18. Outside of anything offered by your employer, do you have any of the following other types of savings for retirement, or not? A personal retirement savings account such as an Individual Retirement Account (IRA) or Roth IRA Personal savings account, brokerage account, or stock holdings Ownership of real estate or land that you plan to sell or rent to generate income in retirement Ownership of a business Other retirement savings 19. [IF EMPLOYED] Thinking about any retirement savings goal you may have for yourself, what percentage of your income do you strive to save for retirement each month? 01%-30% [PROGRAMMING: DOUBLE ENTRY TO CONFIRM MATCH] Have no savings goal [0%] 20. [IF EMPLOYED AND Q.17 YES] And what percentage of your monthly income are you actually contributing to a retirement savings plan? 01%-30% [PROGRAMMING: DOUBLE ENTRY TO CONFIRM MATCH] Am not contributing to any plan [0%] 2016 Puerto Rico Retirement & Financial Resilience Survey, Draft Page 7 of 11

8 21. Have any of the following been a major obstacle for you personally when it comes to saving for your retirement years? Please tell me yes or no after each item. [ROTATE LIST] The (first/next) item is a. Facing a major health need or problem for yourself or a family member b. Paying for your children s education c. t having money left over after paying bills d. Caring for an elderly or ill parent or relative e. Having a lot of debt to pay off f. Losing a job or taking a big pay cut g. Paying for your housing expenses h. Divorce t sure / [DO NOT READ] 22. [IF RETIRED] Since retiring, have you had to do any of the following for financial reasons? a. Borrow money b. Default on bills c. Get a reverse mortgage d. Forgo medications e. Reduce home energy usage f. Reduce other utility costs such as telephone, TV or internet g. Move in with family or friends 23. Do you agree or disagree with the following statement? Elected officials should support legislation that makes it easier for workers to save their own money for retirement. Is that strongly or somewhat? (SELECT ONE ANSWER) Strongly agree Somewhat agree Neither agree nor disagree (DO NOT READ) Somewhat disagree Strongly disagree t sure/ [DO NOT READ] 2016 Puerto Rico Retirement & Financial Resilience Survey, Draft Page 8 of 11

9 24. One way to help more puertorriqueños save for their futures is for the state to set up a retirement savings plan that would be available to all workers. More employees in the private sector and in small businesses would have the option to save for retirement automatically out of their regular paycheck. Participation would be voluntary and if someone chooses to participate, they could have the same retirement savings account at any job. Would you support or oppose this plan? Is that strongly or somewhat? (SELECT ONE ANSWER) Strongly support Somewhat support Neither support nor oppose (DO NOT READ) Somewhat oppose Strongly oppose t sure/ [DO NOT READ] 25. If you had to cover the cost of providing care to an aging or elderly parent, spouse or other adult family member, how confident are you that you would be able to afford it? Are you READ LIST Extremely confident Very confident Somewhat confident t too confident t at all confident t sure/ [DO NOT READ] DEMOGRAPHICS D1. Do you own your home, rent, live with someone else or have some other living situation? Own Rent Live with someone else (family or friend) Other D2. Please stop me when I say the highest educational level which you have completed: Grade school High school Some college or trade school Bachelors' degree Graduate or Professional degree 2016 Puerto Rico Retirement & Financial Resilience Survey, Draft Page 9 of 11

10 D3. How many people, including adults and children, are living in your household? Include yourself. One (I live alone) Two Three Four Five Six Seven Eight or more D4. What is your current marital status? Married t married, living with your partner or significant other Separated or Divorced Widowed Or are you currently single and never married [DO NOT READ] t sure D5. Are you or your spouse or partner currently a member of A-A-R-P? [DO NOT READ] Don't know D6. Are you registered to vote? t sure/ Don t Know (DO NOT READ) d (DO NOT READ) D7. Which of the following categories represents your total household income before taxes? [IF NEEDED: "I just want to remind you that you are completely anonymous. We only use this information in aggregate form to ensure we have a representative group of puertorriqueños."] Under $10,000 At least $10,000 but under $15, Puerto Rico Retirement & Financial Resilience Survey, Draft Page 10 of 11

11 At least $15,000 but under $20,000 At least $20,000 but under $25,000 At least $25,000 but under $30,000 At least $30,000 but under $40,000 At least $40,000 but under $50,000 $50,000 or more [DO NOT READ] Don't know THANK AND CLOSE Puerto Rico Retirement & Financial Resilience Survey, Draft Page 11 of 11