One-third of Americans who are five years away from retirement haven't even calculated how much income they will need in retirement, according to a new survey by Charles Schwab. Nearly half of those surveyed had no idea how to invest their money to maximize retirement income.
The survey of more than 1,000 Americans age 55 to 70 found that while the vast majority of pre-retirees expressed feelings of optimism about their retirement readiness, one-third (33 percent) said they had not yet determined what their essential living expenses in retirement would be and almost two-thirds (64 percent) said they have less than one year of cash savings at any one time for retirement living expenses.
In response to the survey results, Schwab released nine key principles to provide investors with ideas on how to fund their own retirement.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
