Survey: Many Unprepared for Retirement Planning

Jan 1, 2021 / Amanda Chase, Horsesmouth Assistant Editor

Retirement planning is not just about building a nest egg. It’s also about knowing what questions to ask in order to reach the goal. Failure to ask the right questions could leave people unprepared for the retirement they hope to live. asked people within 20 years of retirement age or older how they’re planning for retirement. The survey found that a significant portion of the population doesn’t know much about retirement planning and doesn’t have the information they’d need to make good decisions. If knowledge is power, millions of Americans may be headed toward retirement powerless to control their financial futures.

More than two-thirds of respondents (66.50%) don’t know how much they should save for retirement or how much they could afford to spend in retirement. Of those yet to start collecting Social Security, most intend to wait to reap the larger benefit; but of those already collecting Social Security, the majority (49.28%) did so at age 62. Less than 10% of the respondents that don’t feel knowledgeable about retirement planning have consulted a financial professional.

Specifically, 45% of respondents expected to collect Social Security benefits at age 66 or higher, 33% expected to claim between 63 and 65, and 21% expected to claim at age 62. But in reality, 49% claimed at age 62, 28% from 63-65, and only 23% claimed at age 66 or higher. Many people don’t have enough retirement savings to hold off on collecting Social Security. This means accepting a lower benefit, and thus living on less retirement income.

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