A new report from wealth management firm Wealth Enhancement Group found that only 19% of surveyed Americans regularly meet with a financial advisor to discuss their retirement goals.
That’s in spite of the fact that only 48% feel they’ve done all they can to prepare for retirement, while 36% think they are behind on achieving their retirement goals. Another 18% haven’t set any retirement goals.
In addition, 55% of those surveyed fear that inflation will set back their ability to achieve their retirement goals by as many as eight years. A vast majority (80%) also worry about the outcome of this year’s presidential election on their retirement plans.
The survey, which included 1,000 respondents, found that 61% worry about running out of money during retirement. These concerns were expressed by 68% of women and 55% of men. A report from Goldman Sachs earlier this year found that more than a quarter of women were saving less than $50,000 for retirement.
Younger Americans feel more confident about being prepared for retirement than those in older demographics: 37% of surveyed millennials said they are on target with their retirement goals, and 5% said they’ve already met them. At the same time, only 22% of baby boomers said they felt on track, while 14% said they’ve already achieved that aim. Meanwhile, 25% of Gen X members said they haven’t even set any retirement goals.
When examining the attitudes of survey respondents who have already retired, half said they would have saved more money if they had a chance at a do-over. A quarter said they would have developed a better financial or retirement plan. Those who did develop detailed financial plans incorporated actions such as addressing long-term care concerns, writing up wills, setting up trusts and setting resources aside for philanthropy.
Wealth Enhancement Group’s retirement poll was conducted by Wakefield Research through an online survey in July 2024.