Most Americans Feel It's Harder to Retire Now Than It Was 5 Years Ago
This might not come as a surprise to students of retirement, but it does shed light on the need for Americans of all ages to plan – and preferably with the help of a financial planner who is a fiduciary and one who provides comprehensive holistic advice – for their future.
Consider: Two-thirds of households have less than $100,000 saved for retirement, according to an election-night survey of more than 1,000 American voters released by Certified Financial Planner Board of Standards (CFP Board) in collaboration with research-led consulting firm, Heart+Mind Strategies….
The silver lining? According to the CFP Board, today's political climate and the current state of affairs in our country is positively impacting Americans' perspective when it comes to managing their finances, with one-in-three saying they are now much more proactive about setting and following a financial plan.
They better given this fact: "By 2060, there will be more than 98 million Americans who are 65 or older," Kevin Keller, chief executive officer of the CFP Board, said in a press release. "People are also living longer than ever before. In many cases, retired Americans will need to support themselves for 10, 15, 20 or even 30 years, meaning people need to save earlier, save more and be better prepared for the financial challenges of retirement.”
By Robert Powell
December 12, 2018