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PERSONAL FINANCE
New York Life Wealth Watch survey says to double check retirement goals.
New York Life | June 24, 2024
Although most adults feel like they have enough money to retire, the reality can be a bit more complicated.
Are you financially on track for retirement? Our latest New York Life Wealth Watch survey found that even confident retirement savers may not be.
Our survey found that 65% of adults feel confident they will be able to retire at age 64. However, adults report that they think they will need on average $2,403,510 saved to retire at their desired age, and only 40% of adults currently have any retirement savings. Even fewer people – about 25% – have a strategy to reach their retirement goals.
These numbers can seem daunting, but future-retirees shouldn’t panic. Instead, take action now on the factors within your control. By focusing on the below tips, based on our Wealth Watch survey, you can begin to prepare today for a secure retirement tomorrow.
What can you do?
- Just start: The worst thing to do is wait any longer to work toward your financial goals. Your goals may seem daunting or impossible to reach but remember that every large goal – whether it's running a marathon or retiring at a certain age – begins with a single step.
- Make a holistic assessment: Evaluate your financial life, including assets and investments, liabilities and risks, and current expenses. Get clear on your goals and create a comprehensive plan that accounts for all these factors, and then stick to it.
- Automate your savings: Set up automatic transfers to your retirement accounts to ensure consistent contributions.
- Monitor and adjust: Regularly review your retirement plan and make adjustments as needed to stay on track toward your goals.
The guidance of a trusted financial professional can be the difference between retirement success and disappointment. Seeking professional support can help you understand what is realistic and where you may have to make compromises.
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Media contact
Sara Sefcovic
New York Life Insurance Company
(212) 576-4499
Sara_M_Sefcovic@newyorklife.com