Need a Good Employee? Soon To Be Retirees Not Sure They Can Retire

The retirement planning platform, Retirable issued an interesting survey about retirees. A lot of the soon to be retirees — 64% — are going to spend their retirement years the way they’re spending them now.

Working.

Just 8% say they’ll do a lot of traveling. Another 13% say they’ll split their time between their current dwelling and their second home. But 50% say they will likely be working at least part time.

A lot of soon to be retirees are hoping against hope that they’ve saved enough and invested wisely enough to actually retire. Sadly, 63% of them don’t think they’ve done that and don’t think they’ll be able to maintain their current lifestyle.

Retirable CEO Tyler End says 67% of those responding to the survey never did meet with a financial advisor to help them with a plan to make their savings and investments last. So at retirement time, they’re kind of desperate.

"One of the most important elements of a sound financial plan is having the basics of long-term investment and income strategies set up," End said. "By accounting for a retiree's needs, goals and dreams throughout retirement, a financial adviser can effectively bucket assets into a range of low-risk to high-potential investments, and as life changes, the plan can be adjusted alongside to fit the needs of the individual and their family." 

A staggering 93% of those who haven’t retired are wanting their employers to offer some sort of financial planning advice. But even if an employer offers those services, just 31% of employees actually use that benefit to come up with some kind of long-term plan for their retirement years.

"[Employers should] provide greater access to financial planning tools and resources outside of cookie-cutter 401(k) programs that lack the education and clarity that many employees need," End added. "Hosting a webinar or info-session around this is a great place to start."

Source link: Employee Benefit News — https://bit.ly/4cs0IyY