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What People Are Saying About Preparing for Retirement

Real responses from real people who were asked about retirement, and how well they felt they were prepared.

Unfortunately, many people feel that they will “be all right” because they signed up for a qualified retirement plan (401(k), 403(b), etc. on the day they started their job. Maybe they will. More than likely they may echo some of the responses below.

• 86% don’t think they will have enough $$$.

• Over the past 13 years retirement accounts have averaged a 3.7% increase.

• Only 42% of private sector workers age 25 to 64 have any pension coverage.

• 30% of workers study reported that they had less than $1,000 in savings.

• A 65-year-old couple retiring in 2016 is estimated to need $250,000 to cover medical expenses throughout retirement.

• Only 16% of American workers are very confident that their investments will grow in value.

• Social Security replaces 40% of pre-retirement earnings for lower earners.

• 75% of retirees have not saved enough.

• One should accumulate about $363,000 by the time he or she retires.

• 60% of workers report that their total household savings and investments, excluding home value and pensions, is less than $25,000.

• 1/3 of people reach retirement with only social security.

• 75% of 401(k) balances fall below the frequently cited average of $60,000.

• The median 401(k) account balance is less than $20,000.

If you share any of these concerns, then we should talk.

“If what you thought to be true about money turned out not to be, when would you want to know about it?”

Most people say they would like to know right away, so that they could change the outcome.

Many spend more time planning a one-week vacation than they do planning their 25 year retirement.