Less Than Half Expect To Have Enough
Fewer than half of defined contribution plan participants expect to have enough income to live comfortably during their retirement, says Spectrem Group’s ‘DC Participant Insight Series’ report. However, ‘Financial Behaviors and the Investor’s Mindset’ found millennials are more likely to feel confident, with 64 per cent indicating they should have enough to make it through their retirement. Gen X investors are least comfortable with this idea, as less than four-in-10 believe they will have enough for retirement. More than half of males (55 per cent) agree they will have enough, compared to only 44 per cent of females. More than three-fourths of plan participants feel the reason for their worry regarding running out of money in retirement is due to the cost of healthcare. Less than half attribute their worry to taxes or too much spending. The majority of plan participants expect their household investable assets upon retirement to be less than $1 million with 35 per cent believing it will be between $500,000 and $1 million, and 36 per cent believing they will have less than $500,000.
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