Some Sobering (and Scary) Statistics on Retirement Preparedness
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.