The majority think they are on track for a secure retirement, but many worry about high health care costs.
Tag: retirement outlook
For those 75 and older, out-of-pocket medical costs amount to 20% of their income.
Workers younger than 35 are realizing they need to start saving now, according to Ascensus; however, only 30% are on track to meet their retirement savings goals.
Twenty-two percent do not know how their assets are invested, Legg Mason found in a survey.
People who were asked to envision their lives in their 60s through 80s thought about saving more, where income would come from and working during those years.
The median retirement account balance among all U.S. workers is "zilch"
The right allocation could boost returns over a person's career by as much as 34%, the consulting firm says.
They want help with calculating how much money to save for retirement, determining how to invest their 401(k) assets, determining the age at which they can retire, and figuring out their expenses in retirement.
For both the general public and mass-affluent households, saving more, choosing to invest one’s savings, delaying retirement and lowering standard-of-living expectations have a far greater effect on one’s retirement outlook than asset allocation, reducing fees or achieving alpha, Morningstar found.
And they generally think they will need to save half of what Baby Boomers think is needed to retire comfortably.
Paying down debt is a higher priority for survey respondents than saving.
On top of this, more than three in four worry Social Security could be extinct by the time they retire.
The women are also far more risk-averse, PNC Investments learned in a survey.
Among those who have made an estimate, the median amount is $650,000, Bankrate.com learned in a survey.
The blueprint calls for nine design features of the new contract.
In addition, a survey found, most do not know what they need to save for a comfortable retirement.
The top three retirement risks Gen Xers are most concerned about are changes to Social Security, high health care costs and running out of money.
They view it as a hedge against rising health care costs, longevity risk and market downturns.
Seventy-nine percent believe that by the age of 80, a comfortable retirement will be a thing of the past, and 70% say that is because they are unable to save as much as retirement planning tools recommend.