A recent survey by Northwestern Mutual found that 41% of Americans surveyed were anxious about planning for retirement. Other stark (some might call them bleak!) revelations from the company's survey of 2,003 Americans include:
- While 12% of those surveyed were highly anxious about retirement planning , 29% experienced moderate levels of anxiety over their retirement plans
- 78% expressed either extreme or some concern that they were likely to not have sufficient savings for retirement
- And while 10% said they had saved less than $5,000 for their retirement, a staggering 21% said they had nothing saved at all
There are many milestone decisions that you make in life. You decide on which college/university you'll attend. You ponder over your career choices. When it's time to venture into a profession, you'll carefully weigh which employer's offer you should accept (if you are fortunate to receive multiple job offers!).
Retirement is yet another one of those life's milestones that most of us eventually come across. And just like other critical events in our lives, we need to plan our retirement very carefully. Why? Well, because there’s a lot riding on it!