An illusion or reality?
For more articles from Emily Holbrook, visit LifeHealthPro.com/author/emily-holbrook
In this job I am constantly bombarded with “scary retirement statistics.” In fact, LifeHealthPro.com’s Kristen Beckman recently wrote a lengthy — and quite frightening — piece on the basic fact that Americans are far
from financially prepared for life after work (see page 24).
The epidemic is getting attention in consumer-facing media outlets as well.
USA Today, using information from a recent PwC survey, published a call-to-action piece that stated baby boomers have less than $100,000 in savings.
And Forbes followed with a report — based on recent findings by Transam-
erica Center for Retirement Studies — noting women are far behind men
when it comes to retirement planning. “Men most frequently cite saving for
retirement as their greatest financial priority right now. For women, the top
financial priority is ‘just getting by — covering basic living expenses.’”
The “17th Annual Transamerica Retirement Survey” also found:
Retirement Confidence Has Recovered but Plateaued. Retirement
confidence has recovered in step with the economic recovery from the Great
Recession and its aftereffects. Sixty-two percent of workers are confident they
will be able to fully retire with a comfortable lifestyle, including 15 percent
who are “very confident” and 47 percent who are “somewhat confident.”
Many Workers Still Recovering From the Great Recession. Many
workers say they have not yet fully recovered from the Great Recession, with
41 percent saying they have “somewhat” recovered, 13 percent saying they
have not yet begun to recover, and seven percent saying they may never
recover from the recession.
Retirement Dreams Include Leisure and Work. Workers most frequently cite traveling (65 percent), spending more time with family and friends
(56 percent), and pursuing hobbies (49 percent) as retirement dreams. Interestingly, 28 percent of workers dream of doing some form of work in retirement.
Retirement Fears Range from Financial to Health. Workers’ most
frequently cited retirement fear is “outliving my savings/investments” (51
percent), followed closely by “Social Security will be reduced or cease to exist
in the future” (47 percent) and “declining health that requires long-term care”
This last point is most important. Negative and positive reports about retirement readiness will undoubtedly always include the number one fear Americans
have regarding retirement: running out of money. That’s where you come in.
Here’s to a 2017 that’s filled with client education, advisor appreciation and
business generation. I welcome your comments at email@example.com.
Here’s to a 2017
that’s filled with
advisor appreciation and business