That is up from 45 percent a year ago, according to the findings of the 2017 Wells Fargo Retirement Study. Analysts believe those numbers reflect growing confidence in a financial market that is eight years into a bull market -- one of the longest periods recorded.
Despite that confidence, the Wells Fargo study and a survey commissioned earlier this year by the
The Wells Fargo survey, conducted by Harris Poll
The AICPA survey, which Harris Poll conducted
When asked about the source of those anxieties, 71 percent cited the cost of health care as a primary concern, and uncertainties of health care was a concern for 68 percent of the respondents.
The cost of living was a concern for 67 percent while 62 percent expressed concerns about the uncertainties of
"Saving for retirement is a marathon, not a sprint," said
Financial advisers with the AICPA say the traditional "three-legged stool" model of retirement planning --
"Working throughout your life was once a reliable route to a comfortable, financially secure retirement," Anton said. "Americans have been asked to take on more responsibility and become more self-sufficient when it comes to their retirement planning."
American workers appear to be paying for those changes, according to the AICPA survey, which found non-retired Americans are more likely than their retired counterparts to make at least one financial sacrifice during retirement. Anton said even those "Americans who say they'll reach their financial goals are anticipating a more active 'retirement-lite' that involves working and making financial sacrifices."
Joe Ready, head of
Ready pointed to the collapse of global financial markets in 2008 as an example of how retirement planning can be affected: A 401(k) account worth
"That said, it's also a good reminder to check up on your portfolio and rebalance it to align with your risk appetite," Ready said. "Asset allocation is one of the keys to retirement outcomes, so make sure allocation isn't overly aggressive because of rising equity markets."
--Investors should consider the amount of time that will pass before financial goals are achieved. Those who have more time may want to consider riskier investments, while those with a shorter time horizon may prefer safer investments.
--Investors should diversify investments, allocating funds among stocks, bonds and cash, and invest in a variety of business sectors. This spreads the risk, so losses incurred when one investment performs poorly are offset by those that are performing better.
--Investors should rebalance their portfolios periodically to maintain the allocation mix established to meet financial goals. Rebalancing is necessary because some assets grow faster than others over time.
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