Just 26% of near-retirees have saved enough

While the Covid pandemic has caused more Americans to focus on saving, what to watch on Netflix and other streaming services still appears to be more of a concern than developing a financial plan or spending time on investments.

Those are among the key findings of a survey of U.S. retirement readiness by Schroders, which found that only 26% of non-retired respondents in the 60-to-67 age range said they have enough money saved for retirement. Almost two-thirds — 60% — said they do not have enough saved, and 14% said they did not know if their savings were adequate.

According to the survey, the activities on which Americans focused more during the crisis included health and fitness (53%), spending time with family (52%), saving for the future (39%), what to watch on Netflix and other streaming services (38%), planning to enjoy life more/bucket list (36%), developing a financial plan or strategy (29%) and their investment portfolio (26%).

While 38% of respondents reported saving less money since the start of the crisis, 43% said their savings rate was unchanged and 19% said they are saving more.

The majority (62%) of all working respondents to the survey said they plan to keep working in retirement in order to stay busy (57%), because they enjoy working (56%) and to cover basic living expenses (53%).

Schroders said its annual U.S. retirement survey was conducted in late January among 1,000 U.S. consumers between the ages of 45 and 75.

[More: How Covid-19 changed retirement planning]

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