A new survey has revealed that retirement is the top financial planning goal of Americans. Many Americans also think that investing today is more complicated. Many pre-retirees say that they are not doing enough for retirement and some of them don’t think that they will be able to retire. Some retirees also admit that the future generations would have a lot of problem regarding retirement planning.
Survey says retirement is the top financial planning goal of Americans
The survey that states that retirement is the top financial planning goal of Americans was done by Prudential Investments. It revealed that retirement is the top priority for Americans. But when it comes to being prepared to retire, most Americans give themselves a C.
Stuart Parker, who serves as the President of Prudential Investments stated that developing an understanding of the hurdles that keep people from a secure financial future is vital for helping people meet their goals. He added that the research reinforces the fact that people need to seek financial advice and the investment community should give advisers the best solutions and tools that are available.
Views on Investment
According to the survey, about 66 percent of Americans admitted that investment decisions are complex as well as confusing. They also said that it’s more complicated for them when compared to their parents. About 64 percent of the respondents said that they are overwhelmed by the available choices and 42 percent had no idea about how their investments are allocated. Around 43 percent said that they barely have knowledge about the products they have opted to invest in.
About 74 percent of the pre-retirees think that they need to do more to be prepared for retirement and about 40 percent of them do not have any idea on what they should do. About 24 percent state that they would need at least $1 million to fund the retirement and about 54 percent of the pre-retirees have less than $150,000 in retirement savings.
About 20 percent of the pre-retirees also think that they won’t be able to retire at any time while 35 percent say that they won’t be able to save enough. About 75 percent of the retirees opine that the generations that follow them would have a more difficult time while saving for retirement. Seeing this level of uncertainty, it is not hard to agree that retirement is the top financial planning goal of Americans because it should be.