The data compiled over four years also helps identify meaningful changes from year to year. This provides an indication of how local and national developments may come into play in determining the degree to which individuals feel ready for retirement.
Less studied are the reasons why Americans are so ill-equipped to fund this major life stage. What events have transpired to make retirement financially burdensome even for those who have long planned their exit from the workplace?
The Retirement DerailersSM survey conducted in February 2013 explores this question. The results identify unexpected life events, or derailers, that can be culprits in disrupting plans for retirement. The study also reveals the gravity of these events, which have cost Americans an average of $117,000 in savings, and examines how respondents view this shortfall in the context of their overall preparation for retirement. Finally, it highlights how individuals in these situations plan to get their retirement savings back on track.
Baby boomers are a bundle of contradictions when it comes to how they say they feel about their retirement. But while their financial attitudes may shift, the actions they’re taking to prepare financially for retirement remain stagnant. And actions — or failure to act — tell a part of the story that words and sentiments do not.
The Retirement Check-In® survey sets out to examine the disconnect between the expectations that Americans maintain for their retirement and the financial actions they’ve taken to meet those expectations. It aims to expose the gap between what people feel when they think about retirement and whether the actions they’re taking to prepare align with their levels of confidence. Ultimately, the study also reveals what many Americans are planning to do so that they can feel financially confident in retirement, despite economic challenges.