A Fidelity Investments’ Retirement Mindset Study has determined a disconnect exists between how people feel about their financial health and level of confidence about their future financial health in retirement.
“We know many people feel overwhelmed by the prospect of creating a plan for retirement,” Melissa Ridolfi, vice president of college and retirement leadership at Fidelity Investments, said. “The good news is you don’t have to be a great planner or take giant leaps to get started. Whether you’re a millennial or a boomer, or think of yourself as a planner or not, the small steps you take today can lead to a greater sense of confidence about your retirement years. It’s never too early or too late to get started.”
The online survey consisted of 1,429 adults, 23 to 74 years of age and older while fielding for was completed between Feb. 25, 2019, and March 2, 2019, by Brookmark Research Services.
Study organizers revealed when asked about the confidence people have in being financially prepared for retirement, 75 of respondents reported feeling only somewhat confident to not confident at all, compared to a majority who feel optimistic about their current financial health—and 65 percent who are more confident today than they were this time last year.
“Stress over future uncertainties is often a reality, and while we can’t necessarily predict or control them, we can account for them with a plan,” Ridolfi said. “Estimating how much one might need in retirement and whether they’re on track to be able to cover those expenses is a good first step.”