Hey, sports fans! Most know their team’s record more than how much is in their 401(k)
At the intersection of National Retirement Security Week and the Major League baseball playoffs, a new T. Rowe Price survey highlights the retirement attitudes and behaviors of American sports fans.
How much do you have saved for retirement/? T. Rowe Price, a global investment management firm, has announced new survey findings that reveal that 51% of American sports fans are more likely to know their favorite sports team’s record than how much they have saved for retirement.
Additionally, 64% of Americans believe that they started thinking about retirement later than they should have, and nearly 2 in 5 employed Americans feel they’re behind and catching up with their retirement goals but feel pressure to do more. Thirteen percent of employed Americans say they haven’t even started yet.
The national survey, conducted by Wakefield Research, is representative of 1,000 adults aged 18 and older. These findings, announced at the intersection of National Retirement Security Week (Oct. 20-26) and the Major League Baseball playoffs, are meant to shine a light on where Americans may be striking out on retirement planning and where they are scoring some runs.
“Getting a late start with retirement savings is a little like a batter falling behind in the count. It makes success a bit more challenging–but the at-bat isn’t over yet! Retirement savers can get back on track by taking steps like maximizing their contributions, taking advantage of employer-match programs, and prioritizing catch-up contributions,” said Roger Young, CFP®, thought leadership director at T. Rowe Price. “Just remember, don’t take your eye off the ball: simple adjustments now can significantly improve your financial future.”
However there is some good news: while the survey found that most U.S. adults (85%) may not be fully secure in how they reach their retirement goals, their intentions are good. About 4 in 5 Americans still in the workforce thought about their retirement in some way. In fact, 37% feel the strategy of saving a set amount each month would make them more secure in their ability to retire.
Also, 2% say they are making progress in some way, while 62% are keeping watch over their retirement assets and 57% would put $100 in “found money” toward savings or retirement.
“National Retirement Security Week can serve as a reminder for all investors to assess their retirement goals and ensure they are on track with their retirement savings,” said Young. “Taking proactive steps, like contributing regularly to a retirement account, can have a significant impact over time and can help put each investor on the path toward a better retirement.
“At T. Rowe Price, we understand that planning for retirement can feel overwhelming. Through our research, thought leadership, and investment decisions, our goal is to give our clients more confidence in their financial future so they can look forward to retirement.”
Related: 28% of workers have $0 saved for retirement: Employers, tailor your messaging
“T. Rowe Price has seen first-hand the impact that features like auto-enrollment can have on savings rates—with auto-enrollment almost doubling plan participation,” said Young. “Offering a Qualified Default Investment Alternative (QDIA), which automatically place participants in a diversified, professionally managed portfolio, is another way employers can steer participants toward impactful savings behavior through plan design.
“Additionally, our research shows that the majority of employees rely on their workplace for advice and support on how to achieve lifetime financial goals. Together, these simple adjustments can provide great impact for retirement savers and put them on the path toward better retirement outcomes.”