Pre-retirees — that is, those from their mid-50s through mid-60s — are at a point in their lives when choices and decisions made long ago are shaping their future. Looking back, how do they assess their lifelong efforts to prepare for retirement? And more importantly, how well did their employers support their efforts to save?
A new study sponsored by American Century Investments seeks to answer these questions. The study found that:
• pre-retirees have serious regrets about their efforts — especially about not saving enough (82% agreed that they wish they “could talk to the younger me and tell myself to save more than I did”)
• a new definition of “affordability” is needed — people need help making better spending choices and finding ways to save
• decisions by plan sponsors about plan design are influential in helping people save more successfully
In our latest NAPA Network video, Diane Gallagher, V.P. of DCIO Practice Management at American Century, explains the study’s takeaways in greater detail. Watch it here.
