Many Baby Boomers have not saved enough, a survey found, and many are also not thinking of important elements of a plan for retirement.
Data & Research
Sixty-three percent of workers between the ages of 26 and 64 participated or had a spouse that participated in a retirement plan in 2014, according to the ICI.
However, they are very responsible with their budgets, with 53% having an emergency fund
Given a personal finance survey, participants could answer only half of the questions correctly
Financial advisers almost universally report the use of social media has changed how they communicate with and win new clients; however, they disagree to some extent about the real impact social media use has on the quality of client relationships, and by extension, business performance.
EBRI also found not only do individual account assets make up a large portion of families’ financial assets, but those with individual account assets also have substantially higher levels of net worth than those families without them.
A survey also revealed that among those Americans with access to using retirement savings vehicles, only 46% say they are contributing as much as they would like.
Nearly one in four say retirement planning is a touchpoint for financial stress
By the end of the calendar year 2017, the discount rate used by companies sponsoring pension plans in the S&P 500 had fallen to the lowest level measured in Goldman Sachs Asset Management’s long-running pension research series; at the same time, sponsors are making large voluntary contributions to take advantage of disappearing tax incentives.
For most people, saving for retirement does not become pressing until their 40s or 50s, when it may already be too late to craft a realistic retirement income planning strategy.
The Wells Fargo/Gallup Investor and Retirement Optimism Index remains at a 17-year high, despite a clear uptick in volatility, with the index at +139 in the first quarter; the firm’s head of retirement dissects the findings for PLANADVISER readers.
Sixty-three percent of retirement plans now offer them, the Plan Sponsor Council of America found.
IRI President and CEO Cathy Weatherford says financial advisers are uniquely positioned to help Gen X effectively plan for their retirement concerns.
Seventy percent believe their advisers have a responsibility to discuss guaranteed lifetime income products with them.
More than three in 10 have no retirement budget.
Nearly 70% of families where the head of the household is 55 or older carry debt, EBRI found.
The majority believe they will have to work much longer than previous generations, Prudential learned in a survey
A Hearts & Wallets report reveals that of 49.4 million working Americans with less than $50,000 in investable assets, 33 million “wish they were doing a better job saving,”and the market for income management for new retirees is a sizable one.
However, their top three financial fears include health challenges, job loss and market volatility
Despite the tremendous progress of the last decade, there remain some “surprisingly different perspectives” among plan sponsors, recordkeepers, and individual participants when it comes to priorities and best practices, according to a new Cerulli report.