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Simplifying the Retirement Planning Message
Employees need to be taught how to manage finances and save for the future before being advised on how to create an income stream in retirement.
Reported by
As inevitable as retirement is, why is properly preparing for it so difficult?
It could be that participants are preoccupied with other concerns. Most (70%) of the respondents to a recent Schroders retirement survey said they don’t have enough savings to add to a retirement plan, while others reported that they have other financial priorities (60%) or that the future is too uncertain to plan for (50%).
And as industry professionals encourage participants to prepare for their future, many people are reluctant to add what they believe is an insufficient amount to their retirement plans. Instead of adding what they can afford to, they fail to add anything at all, the survey found.