Top Three Concerns of Americans Nearing Retirement

Thrift Savings Plan and Federal Retirement Benefits

A report has mentioned the top three concerns of Americans nearing retirement. It has also mentioned that many of the late-career respondents prefer free advice from a financial planner as compared to paying for the advice.


What are the Top Three Concerns of Americans Nearing Retirement?

The top three concerns of Americans nearing retirement as per the Pain Points and Actions report crafted by Hearts & Wallets are retirement planning, making investment decisions and estate planning. Hearts and Wallets is a renowned data and consulting firm that is focused on understanding the key drivers behind the decision making of the investors.

In this annual survey, the organization polled more than 5200 adults while oversampling for wealthier Americans. They are dubbed as the late career (age from 53 to 64). The survey organizers also oversampled the pre-retirees, people who expected to retire within the next 5 years.

Retirement Planning Challenge

Retirement planning topped the top three concerns of Americans nearing retirement. About 52 percent of the late-career and 59 percent mid-career respondents (age from 40 to 52) admitted that they are facing difficulties with regard to retirement planning.

Estate Planning Challenge

The survey also states that estate planning was among top three concerns of Americans nearing retirement, especially pre-retirees, and retirees. A higher percentage of people said it to be a challenge this year as compared to the last year. It rose to 26 percent in 2016 from 24 percent in 2015. Still, just 8 percent of pre-retirees say that they sought help for estate planning in the last 12 to 18 months.

Investment Challenge

As per the survey, 54 percent of the late-career respondents and 47 percent of the pre-retirees admitted that finding appropriate investments was difficult or very difficult for them.

Another Problem

Apart from the top three concerns of Americans nearing retirement, the survey also highlighted the fact that late-career people favor getting free financial advice. They don’t want to pay the financial advisors and that’s an increasing trend. About 71 percent of those respondents sought free advice by using the services of brokerage and mutual fund phone reps.  The respondents also sought assistance from other sources like media, employers, friends, etc. This percentage is up by 8 percent as compared to the results of 2015.  About 43 percent of the late-career respondents admitted to paying money for getting financial advice.

Other Admin Articles

Let’s Clarify How Your High-3 Can Increase Your Annuity

List of Important Potential Bills and News Stories for Federal Workers

Possible End to Retirement Loophole Affecting First Responders with New Bill

Check These Things Off Your Retirement To-do List

Leave a Reply