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Some Sobering (and Scary) Statistics on Retirement Preparedness

Some Sobering (and Scary) Statistics on Retirement Preparedness

October 26, 2023

According to the 2023 Life in Retirement report published by the Transamerica Center for Retirement Studies, 73% of retirees wish that they would have saved more on a consistent basis.

Reflecting on their working years:

  • 66% of retirees wish they would have been more knowledgeable about retirement savings and investing
  • 49% would have liked to have received more information and advice from their employer on how to achieve their retirement goals
  • 48% said that debt interfered with their ability to save for retirement.

Other findings show that:

  • 45% realized that they waited too long to concern themselves with saving and investing for retirement.
  • 42% agree that they should have relied more on outside experts to monitor and manage their savings and investments.

And, according to a recent analysis published by the Center for Retirement Research at Boston College:

  • 40% of households “know” they are in good shape for retirement.
  • 20% of households know they are in trouble.

Which means the remaining 40% of families are “flying blind” and hoping for the best.

Scary? Concerning? Are you in this boat (like I was)? Then contact us today to schedule a complementary consultation meeting to discuss how we can help you create a personalized plan and strategy that meets your needs.