Yet, only 13% of workers have discussed Social Security with an adviser.
Tag: retirement readiness
The Center for Retirement Research finds that the net worth of non-divorced households is 30% higher than for divorced households.
However, if retirement expenses are reduced to 80% of average expenses, 82.1% are on track to not run short.
Fifty-three percent expect to become millionaires, TD Ameritrade found in a survey.
It also helps to offer financial education continuously, according to the Pension Research Center at The Wharton School at the University of Pennsylvania.
More than half have set specific retirement goals, J.D. Power learned in a survey
Three-fifths of non-retirees with self-directed retirement savings accounts have little or no comfort managing their investments, and only one-fifth of adults answered five financial literacy questions correctly, according to the Federal Reserve.
A speaker at PSCA’s 71st Annual National Conference suggests reports of Americans retirement savings inadequacy are overblown and offers data to back that up.
More than half of employees surveyed by CareerBuilder said they think they'll need to save less than $1 million in order to retire.
Workers who are unprepared for retirement are five times as likely as those who are prepared to cite high living expenses as a barrier to retirement planning. They are also seven times as likely to have too much debt.
During a media call about the Employee Benefit Research Institute's latest Retirement Confidence Survey, sources shared ways retirement plan sponsors and advisers can help retirement savers feel more confident.
Retirees are less likely than last year to feel confident in their ability to handle basic expenses and feel less confident in their ability to handle medical expenses, according the Employee Benefit Research Institute’s (EBRI) 28th annual Retirement Confidence Survey (RCS).
Eight in 10 DC plan participants are very or somewhat interested in an in-plan investment option that would guarantee monthly income for life in retirement, and the same number express interest in taking money out of their plan at retirement and moving it to a financial product that would guarantee them monthly income for life.
This is particularly high among Gen Z (69%), Millennials (64%) and Gen X (66%), a survey found.
Bruce McClary, vice president of communications at the NFCC, said men have the highest levels of financial confidence, but are less likely than women to reach out for financial advice.
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.
The Student Security Act of 2017 would grant $550 in student loan forgiveness for each month a student debtor was willing to raise his or her full retirement age, or $6,600 per year.
The majority believe they will have to work much longer than previous generations, Prudential learned in a survey
Latino women admitted that they did not know enough about retirement planning and wanted to learn more, a study found.
Workers surveyed said help with student loan debt and more financial education would help them achieve their financial goals.