Many respondents to a Prudential Financial survey are misjudging how well-off they are.
Tag: retirement outlook
Over half have nothing set aside in any type of employer retirement plan.
Areas of focus are financial planning, investing and investor behavior.
Nearly sixty percent have taken an early withdrawal from their retirement account.
The majority describe the American Dream as financial security for themselves and their family, and 54% think it is unattainable.
In addition, a mere 18% of workers are very confident they will be able to retire with a comfortable lifestyle.
This is especially a concern, as only 20% believe they are saving adequately for retirement.
Among those who have made an estimate, the median amount is $650,000, Bankrate.com learned in a survey.
A survey finds that to prevent future retirees from challenges, governments and employers will have to step up to the plate.
However, only 35% of advisers have worked with their clients to develop formal retirement plans.
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.
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.