At Financial Fitness for Life, we work across the board with a broad spectrum of clients from many different industries. One of the main points of concern that all employees relay to us is that they do not feel adequately prepared for retirement. The ongoing situation regarding COVID-19 has further highlighted this area of concern.
According to a new Wells Fargo survey, 58% of Americans impacted by the pandemic say they don’t know if they have enough saved for retirement compared to 37% of all workers. Of workers impacted by COVID-19, 61% say the pandemic took the joy out of looking forward to retirement.
Knowing that retirement is such a large part of someone’s financial situation, we want to better understand exactly why individuals feel that way. Which of these responses do you feel would improve the way people feel about their retirement prospects?
- Personalized retirement projections
- Education on adequate savings/contributions rates
- Information on selecting appropriate investments based on personal risk
- Guidance centered cost of living in retirement
- Insight to investing in bull and bear markets
- Other (please specify in comments)
Our goal at Financial Fitness for Life, as always, is to meet people where they specifically are in their personal financial journey. By having a clear understanding of why individuals feel ill-prepared for retirement, we can target our approach to improve the quality of resources at our disposal.
For the full findings from the recently published Wells Fargo survey see: https://newsroom.wf.com/English/news-releases/news-release-details/2020/COVID-19-Fuels-Uncertainty-about-U.S.-Retirement-Wells-Fargo-Survey-Finds/default.aspx
Dakota Warnken, CRPC
Lead Education Consultant