More than two in five Americans inaccurately assess their retirement preparedness, perhaps worrying more than they need to, or not being concerned enough about how much money they’ve saved, according to the Center for Retirement Research at Boston College’s latest National Retirement Risk Index research, sponsored by Prudential. The research measures the percentage of working-age households “at risk” of being unable to maintain their standard of living during retirement.
More than 40 percent of households’ self-assessment conflicts with NRRI’s assessment about whether they are at risk of being unable to maintain their standard of living in retirement.
Employer-sponsored benefit plans can provide the best resources for individuals to narrow the knowledge gap, particularly through financial wellness efforts that include education, tools, advice and solutions that help meet foundational financial needs. In fact, recent Prudential research confirmed people are more likely to use financial counseling services and tools when they can tap into them at work.
Download from Awareness to Wellness, Prudential’s companion paper to the NRRI report. To speak to one of Prudential’s representatives about financial wellness, contact Discretion Winter.
Download the graphic below: "Do You have a Good Sense of Your Retirement Readiness?"
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The Prudential Insurance Company of America, Newark, N.J., and its affiliates.