Despite the fact that Americans are living longer than ever, a recent study by MassMutual revealed few are adequately preparing for their retirement. In the study, participants were asked to what degree they plan for various life events, from buying gifts for the holidays to planning a vacation.
The frightening results showed that, while 42 percent say they research every last detail of an approaching vacation, only 32 percent could say the same about their retirement plan. Only 53 percent said they would roll the dice on a personal relationship. However 65 percent said they were more likely to take chances with their financial future.
Americans are also falling behind when it comes to saving for emergencies, with only about 1/3 confidently saying they had some cash set aside for unexpected events. About 1/4 of the respondents admitted they definitely aren’t prepared for an emergency.
Lack of financial education may be to blame for much of our attitudes about planning for the future, as less than half of those surveyed said they’d ever gotten financial advice from a qualified professional. Just over a quarter said they rely on family for their financial information. Another 19 percent get it from friends and 18 percent from their significant other. The remaining 25 percent say they’ve gotten no financial planning advice at all.
No matter the reason, one’s retirement savings is nothing to ignore. Please contact us if we can be of assistance to you as an individual or in helping your company better educate its workforce on financial matters.