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Four steps to achieve a more secure retirement

Life Stage Insights

Life Stage Insights

Four steps to achieve a more secure retirement

Lessons from a new survey of today's retirement experience

Half of U.S. households can’t maintain their pre-retirement standard of living throughout retirement. A new study¹ looks at the experience and some advice from retirees to achieve a more secure and financially secure retirement.

  • Save more. As people live longer, more retirees are worried about outliving their money. Nonetheless, the average retiree has $177,787 in retirement funds, only 39% of the recommended savings, despite expecting to have expenses for 20 more years. Two-thirds of retirees have less than $50,000 in retirement funds.

  • Retire with less debt. Retirees more than doubled their debt in 2020 and have accumulated an additional $9,779 in debt on average. Non-retirees, on the other hand, accumulated an additional $5,035, only increasing their debt by 13%. 60% of retirees said they struggle to pay for necessities and bills, particularly medical bills, groceries, and credit card payments.

  • Be prepared for early retirement. 59% of retirees retired earlier than planned. Although an early retirement sounds ideal on the surface, only 3% retired early because they had additional wealth, while the overwhelming majority were forced into retirement because of health issues (65%) or job loss (22%) or because they had to care for a family member (10%).

  • Become a more savvy investor. Only 35% of retirees think they prepared adequately for retirement, and 1 in 4 are worried they’ll outlive their retirement savings. The majority (56%) said they waited too long to start saving for retirement, likely because they didn’t really understand what they should have been doing. About 63% said they wish they better understood savings and investments when they were working.



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references

1. Clever, “The State of Retirement Finances: 2021 Edition,”

Disclosures

This publication is designed to provide general information and is for discussion purposes only. The effectiveness of any strategy is dependent upon each individual’s facts and circumstances. This article does not provide legal, tax or account advice. Because of the possibility of human or mechanical error, the accuracy, adequacy, completeness or availability of any information is not guaranteed.

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