Americans are losing confidence in their ability to afford a desirable retirement. The percentage of workers who believe they will have enough money to retire in comfort fell from an already low 18% in 2008 to 13% in 2009, according to the Employee Benefits Research Institute’s annual Retirement Confidence Survey. That marked the lowest level in the 19-year history of the survey, and institute officials attributed the plunge to growing concerns about health-care costs and the economy. Confidence in achieving a lesser goal—of having a financially secure retirement—has also dropped, from 41% in 2007 to just 20% in 2009. The declines occurred across all age groups and income levels. Lack of retirement planning fuels this anxiety. In the EBRI survey, fewer than half of respondents said they had even tried to calculate how much they would need during retirement. And in another recent survey, by Bank of America, only one in three respondents was “on track” with retirement planning; 23% said they haven’t started planning at all.
If you have a comprehensive plan for your retirement years, you’re bound to feel more confident, no matter what the economy or the markets are doing at the moment. But planning for retirement doesn’t end with drawing up a document. We’ll be with you all along the way, monitoring your progress and making changes when-ever necessary to keep you moving toward your goals. |