Are you worried about retirement? If so, you aren't the only ones. The latest survey on retirement confidence is startling. In this newsletter we are looking at the results and how we can get on track to be more secure when that time comes.
RETIREMENT CONFIDENCE TAKES BIGGEST HIT IN OVER A DECADE
"Persistent inflation, debt and market volatility are taking a hit on retirement accounts and driving steep declines in workers' confidence about their post-work savings.
Both workers' and retirees' confidence in having enough money to live comfortably throughout retirement significantly dropped from 2022's numbers, falling to 64 percent from 73 percent among workers and to 73 percent from 77 percent among retirees, according to new data from the Employee Benefit Research Institute (EBRI) and research firm Greenwald Research. For the survey, the firms polled 2,537 people in early 2023—1,320 workers and 1,217 retirees. "The last time a decline in confidence of this magnitude occurred was in 2008, during the global financial crisis," said Craig Copeland, director of wealth benefits research at EBRI. "This shows that the current economic climate—in particular, inflation—is eroding the confidence that Americans had in their retirement preparations going into the pandemic." Learn more
IT'S TIME TO FOCUS ON THESE FOUR THINGS
"If you’re approaching retirement, the good news is there are still moves you can make to shore up your financial position.
“If you don’t have retirement savings at this point, it’s never too late to start,” said David John, senior strategic policy advisor at the AARP Public Policy Institute. Additionally, other key decisions you will face can help you save more money. Here’s a look at four of them..." Learn more
HOW TO GET BACK ON TRACK
"High inflation has taken a toll on everyone's finances over the last year, with effects that could last long into the future. The number of workers who feel confident they'll be able to save enough to retire comfortably has plummeted, according to the Employee Benefit Research Institute's 2023 Retirement Confidence Survey. Currently, less than two-thirds of workers feel sure they'll be able to save what they need. If you're among this group, thinking about your future can be distressing. But there are things you can do to increase your odds of retiring comfortably. Here are three tips to get started." Learn more