One for the Books — Employees & Retirement

A survey by LifeCareer has come up with some interesting conclusions. The company found that 60% of employees in the United States fear retirement more than death or divorce.

That said, afraid or not, company spokeswoman, Jasmine Escalera said 80% of the 1,031 people polled plan to retire in their 60s.

Here’s the fear list. Employees fear retirement more than:

• 64% — Divorce
• 61% — Death
• 54% — Getting fired
• 53% — Becoming very unhealthy
• 39% — Becoming a financial burden
• 39% — Not having saved enough for medical emergencies or unexpected costs

”Our survey reveals that financial stability is a primary concern among participants, with many fearing they won't be able to afford to retire and keep up with the bare essentials like healthcare, or that they might become a financial burden to their loved ones,” Escalera said.

Other concerns:

• 59% worry about the growing cost of long-term care in retirement
• 52% are afraid of poor investment decisions causing the loss of retirement funds
• 48% worry about being disconnected from society
• 46% struggle with the idea of a new routine or lifestyle
• 45% are concerned about maintaining their desired standard of living
• 44% worry about changing government benefits
• 41% aren’t so sure about the stability of their investments long term
• 41% are concerned about medical expenses
• 30% worry about inflation

All that boils down to the importance of solid retirement planning.

"Workers should take proactive steps to fully understand their employers' retirement and financial planning services," Escalera said. "This includes knowing the difference between 401(k) and Roth accounts, understanding company match programs and taking advantage of free financial advice and planning benefits.”

Source link: Insurance Business America — https://bit.ly/3MFsjS4