|Source:||New Haven Register (CT)|
May 25–More than half of adults ages 45 to 70 nationwide, 52 percent, say they are behind in their retirement savings goals, according to a recent study by the MetLife Mature Market Institute that found just 28 percent are confident they are on track.
The institute, in Westport, is a research organization of MetLife Inc. that focuses on multi-generational issues.
Among its findings, the study showed 13 percent of those polled have no retirement goals and 7 percent have not yet begun to save money.
The study, which was released earlier this month, includes results from an online survey that garnered responses from 1,048 adults ages 45 to 70 in December.
“While many seek the help of experts, retirement planning is often a do-it-yourself endeavor and many pre-retirees admit they have quite a way to go,” Sandra Timmermann, director of the MetLife Mature Market Institute, said in a statement.
“This type of planning can be complex and lengthy, so it’s important that people start preparing as early as possible, even as early as their 20s, to ensure a more fulfilling and enjoyable retirement,” she said.
Older respondents tended to feel more prepared for retirement than their younger counterparts. While only 35 percent of those ages 45 to 49 said they feel prepared, 64 percent of those 60 to 64 did, and 81 percent of people ages 65 to 70 said they feel prepared for life once they stop working.
I n a d d i t i o n t o d i f f e r e n c e s among age groups when it comes to planning, there is also a difference between the genders. The study found males to be much more likely than women to think about whether they can afford to retire, as well as whether they can fully retire or may have to work part-time.
Men also were more likely than women to determine whether their retirement plans were adequate, identify any external factors that might affect retirement, and determine the necessary steps to receive benefits they are due from the government or their employer.
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