Straight Facts On Financing Your Retirement

Straight Facts On Financing Your Retirement
According to​ a​ recent global survey by AXA Equitable, American workers are confident, but not well-informed, about their financial outlook in​ retirement .​
For example, 60 percent of​ workers believe their retirement income will be sufficient, but only one in​ five actually knows what that income will be.
Workers' confidence may come from watching their parents live well in​ retirement:
• On average, U.S .​
retirees receive $4,243 in​ net monthly income (including Social Security, company pensions, personal assets and savings, etc.); however, the median (middle point) net monthly income is​ just $463.
• 98 percent of​ U.S .​
retirees are confident with their living standard, claiming they already have everything they need.
However, with Social Security and pensions falling out of​ favor (about 9 in​ 10 believe the Social Security program is​ in​ trouble or​ crisis), workers are receiving a​ wake-up call for retirement planning .​
In fact, an​ estimated 65 percent of​ workers realize they will need to​ rely on their own savings to​ get them through retirement.
Of all respondents worldwide, Americans are the least likely to​ rely on government-managed retirement savings programs or​ to​ hold the government responsible for providing retirement income.
Not only are Americans on their own for retirement financing, they're also living longer and realizing that they may need funds to​ last them for more than 30 years after they retire, said Ken Gelman, AXA's director of​ market research .​
As a​ result, they're taking retirement savings very seriously by starting early and consulting trusted financial advisors.
As a​ result of​ sound advice, Americans are able to​ build diversified retirement portfolios.
When asked how retirement income is​ being secured, about two-thirds of​ respondents-working and retired-cited several types of​ assets, including IRAs, 401(k)s, investment funds and company pensions .​
However, Americans are being cautious with the funds that should last a​ lifetime .​
Seventy-eight percent of​ workers favor investments with a​ modest ROI and no financial risk .​
Even so, Americans lead the survey in​ financial risk-taking.
The Retirement Scope survey was conducted by AXA, a​ leader in​ financial advice and wealth management .​
More than 6,900 working and retired people in​ 11 countries were surveyed.

Related Posts:

Powered by Blogger.