Wealth Enhancement
1 / 2Priorities Shift From Travel to Relaxation in Retirement
Participant responses to survey question, "Which of the following are part of your ideal retirement? Please select all that apply."
This underscores how plans can shift by life stage. In fact, for those who haven't retired, traveling is what people look forward to most (59%), but among retirees, relaxing as much as possible (74%) tops the list.
How to Smooth Out Retirement Woes and Create a Lasting Plan
Just 48% of Americans believe they have "done everything right" to prepare for retirement—and even fewer working adults (35%) think they have met or are on track to meet their retirement goals. Instead, 36% feel behind on meeting retirement goals, and another 18% haven't set any goals at all.
Gender perspective
Some three in five Americans (61%) have concerns about running out of money during retirement, a fear more commonly held by women (68%) than men (55%). Meanwhile, only 36% of women (compared to 56% of men) believe they will be able to afford everything they want in retirement. These worries could perhaps be attributed to women typically living longer and earning less than men.
Millennial mindset
Generationally, millennials are the most likely to express confidence in their retirement plans, with 37% of millennials saying they are on target and 5% saying they've already met their goals.
Notably, millennials' confidence even outpaces Baby Boomers', with just 22% of Baby Boomers saying they are on track and 14% saying they have hit their goals—making for a total of 35% who feel solid about their retirement plans.
Meanwhile, Gen X feels least prepared with retirement goals, with 25% of Gen Xers saying that they have not set any goals—double the amount of their millennial counterparts.
Unwinding and Defining a 'Why' in Retirement
Among those who have retired, respondents readily admit where they fell short: 50% would have saved more money if they could have done things differently, and a quarter of retirees (25%) would have developed a better financial or retirement income plan.
Regretting the past can be a tough hurdle in money management. Your mindset is a critical part of financial planning. If you're newer to retirement planning, you can start the process by considering what you want out of your later years and working backward from there with consistent, dedicated money practices.
Indeed, Americans aren't wallowing in worries: 82% are taking steps to feel more confident in their finances, with ongoing actions like setting aside more money each month (32%) and keeping a detailed budget (29%).
Defining a reason "why" can be an important source of inspiration. Among those surveyed, 54% of people who set goals feel that they are doing everything right, while only 22% who have no set goals feel they are on track.
Retirees who made a detailed financial plan considered various aspects, like philanthropy (60%), setting up a trust (63%), as well as more pressing concerns like long-term care (68%) and a will or estate plan (77%).
Still, many U.S. adults are leaving powerful solutions on the table. Just 19% of Americans regularly meet with a financial advisor to discuss their retirement plan.
