Talking Points
Worry Forecast
What advisers predict will be clients’ 3 greatest worries for the next 12 months, and what clients say those actually are:
The Perks of Perseverance
Participants who remained invested in their 401(k) in the decade following the Great Recession of 2008 saw their average balances soar 466%, from $52,600 in the first quarter of 2009 to $297,700 in the first quarter of 2019.
Why Do You Trust?
Asked what factors build their trust in their retirement plan providers, participants cited the following: satisfaction with plan education provided, transparent fees, relevant information provided, a belief that the information is in their best interest, and the sense that their provider is a partner.
Financial Regrets
Fifty-six percent of Americans report being disappointed with their overall savings. Twenty-seven percent say they wish they’d started saving earlier for retirement, 19% that they’d saved more for emergencies, and 10% that they’d saved more for their child’s education.
A Worthy Cost?
Most Americans—56%—report being willing to incur debt to pay for their children’s college education; that debt, on average, would be $31,000.
Retirement Worries of People 60+
- Health care costs will outpace their retirement savings 56%
- They will lose their independence 54%
- They will outlive their savings 51%
- They will be a burden to their family 46%
- Prescription drug costs will outpace their retirement savings 43%
Overestimating Social Security
Pre-retirees—those within 10 years of retiring—expect to receive an average of $1,805 a month in Social Security benefits, but retirees actually collect an average of $1,408, a 28% difference.