Retirement Benefits and Stress are interlinked: Study

retirement savings

A recent study has revealed that people are very stressed about retirement and yet many of them haven’t started to save up for it by investing in a retirement benefits plan. The reasons why people are doing so are different from not having enough money or not having their priorities sorted out. The study also pointed out that fewer people feel bored after retirement and many of them continue to work because they want to.

Retirement Benefits and Savingsretirement savings

The study was conducted by Franklin Templeton. It was named fifth annual Retirement Income Strategist and Expectations (RISE) study. It revealed that 41 percent of respondents admitted that they are not saving up for retirement. This percentage was 35 percent in 2014.

About 70 percent of the respondents admitted that they were stressed about retirement benefits, savings and investment. This percentage was 67 percent in 2015. 70 percent of people who were within 11 to 15 years closer to retirement were stressed. It demonstrates that when people get closer to retirement, they start taking its stress.

The Problem

The Vice President of Retirement Marketing for Franklin Templeton, Michael Doshier said that though the study didn’t ask people why they were not saving up for the retirement but the general opinion of people is that they can’t afford to or they don’t have their priorities straight. He further explained that retirement savings are similar to diet and exercise. People know that dieting and exercising would keep them fit and yet they find it hard to stick to it.

The study also pointed out that people who take the assistance of a financial expert are saving up for retirement and hence their stress levels are reduced.

Boredom and Retirement

The study also found out that though many people think boredom will be a problem after retirement, it rarely happens. About 34 percent people said that boredom was among the top three concerns related to retirement when they were preparing for it. But when the retirees were asked about it, only 6 percent were worried about getting bored. Most of the retirees were satisfied with their life.

Job after Retirement

About 30 percent of those people who are still working beyond the age of 65 said that they are working because they love their job and they want to work. They were not forced to work due to lack of funds coming in from the retirement benefits or any other reason.

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