Confidence in retirement savings is up 64 % compared to last year's survey, in part, because recent investment performance has been relatively strong.
Nearly 90 percent of Americans lack
confidence in their retirement savings (IALC data, October 2017).
Millennial small business owners have more
confidence in their retirement savings than baby boomers, according to our survey, possibly because millennial owners started their business at a younger age on average (26 vs. 43 years old), allowing more time for them to grow their businesses» profit margins and create comfortable retirement plans.
Not exact matches
According to this year «s
retirement confidence survey by the employee benefit research institute, 45 percent of workers have less than $ 25,000 saved, 20 percent have saved between $ 25,000 and just under $ 100,000, 15 percent have $ 100,000 to $ 249,000
in savings and two
in 10 report having $ 250,000 or more saved.
«Professional advice has a positive influence on other
retirement planning behaviors including: increased usage of tax - advantaged
savings vehicles, improved asset allocation, and greater portfolio diversification,» IRI says, noting that 53 % of Boomers working with an advisor report
confidence in retirement expectations versus the 21 % of Boomers without an advisor who report the same.
Knowing you can count on those payments late
in life may also give you the
confidence to invest the rest of your
savings a bit less conservatively, which can boost your potential returns and increase your
retirement income.