Featured Topics
Retirement Industry
Magazine Archive
Education/Advice
Where Do you Go for Financial Advice?
The polls show that many of today’s retirees are successfully meeting the financial challenges of life post-employment. More than half (51%) of retirees are confident about having enough money to live comfortably in retirement, and four in 10 say they are somewhat confident they can make ends meet in retirement. About eight in 10 retirees polled report having pension income, but defined benefit (DB) plans cover just 53% of the workers polled. Only one-quarter of current workers are confident about having enough money to live comfortably in retirement, and just 14% are very confident that they are presently saving enough to get the monthly income they want in retirement. Despite this, nearly half of workers strongly agree that their plan provides an easy way to save; 46% strongly agree that their plan offers an incentive to save via the company match. When it comes to the retirement savings exercise, as well as planning for retirement in general, 92% of workers believe they have something to learn from the experiences of today’s retirees. Many retirees practiced good “planning behaviors” when working, but a number of them did make some mistakes along the way, particularly in the area of saving. Nearly one in three retirees say they did not make a financial plan for retirement savings early enough in their work life and, of those, about eight of 10 regret it (32% call it a major regret). Findings from the BlackRock survey can be found at http://www.BlackRock.com/RetirementSurvey.
The polls show that many of today’s retirees are successfully meeting the financial challenges of life post-employment. More than half (51%) of retirees are confident about having enough money to live comfortably in retirement, and four in 10 say they are somewhat confident they can make ends meet in retirement.
About eight in 10 retirees polled report having pension income, but defined benefit (DB) plans cover just 53% of the workers polled.
Only one-quarter of current workers are confident about having enough money to live comfortably in retirement, and just 14% are very confident that they are presently saving enough to get the monthly income they want in retirement. Despite this, nearly half of workers strongly agree that their plan provides an easy way to save; 46% strongly agree that their plan offers an incentive to save via the company match.
When it comes to the retirement savings exercise, as well as planning for retirement in general, 92% of workers believe they have something to learn from the experiences of today’s retirees. Many retirees practiced good “planning behaviors” when working, but a number of them did make some mistakes along the way, particularly in the area of saving. Nearly one in three retirees say they did not make a financial plan for retirement savings early enough in their work life and, of those, about eight of 10 regret it (32% call it a major regret).
Rebecca Mooreeditors@plansponsor.com