Perhaps the pandemic set you back with regard to your financial or retirement goals. Maybe you lost or left a position where you had a company match and were actively saving for retirement. If you’re not sure how to get started with your own retirement savings, or you need to revisit your plans if your life circumstances have changed over the course of the last few years, this is the perfect opportunity to work with a financial professional.
The average American saw a drop in their retirement savings in the past year of 11%. Now more people are trying to get those savings back on track or to align with new goals. The expected retirement age changed, too, rising from 62.6 to 64. Rising inflation and the volatile market, especially related to concerns over whether we’re headed into a recession, are some of the biggest concerns from investors right now.
Even though some people are now revisiting their overall retirement plans, most people still don’t feel confident about what’s ahead. A total of 43% of American say they don’t feel they’ll ever be ready to retire in full. Rising longevity numbers and the cost of long term care have prompted many with active financial plans to take action steps aligned with the possibility of outliving what they’ve set aside to prepare for the future.
The most common steps taken by those who are worried about outliving savings were:
- Increasing their savings amount
- Creating a holistic financial plan
- Purchasing investments
If you haven’t yet put together your own retirement plan, or have not increased or looked at your savings habits before now, it’s a good time to meet with a team of financial professionals to discuss your options. We know how hard it can be to make decisions with so much uncertainty, but we’re here to help and guide you.