American men, particularly those aged 51 or older and with an income over $75,000, are more confident about retirement according to a recent survey conducted by financial services group OneAmerica. Contributing to their confidence is a realistic knowledge of how much retirement income they will need.
The companies of OneAmerica surveyed retirement plan participants who visited their online account services portal between Aug. 1 and Nov. 1, 2013. The goal was to better understand participants’ behaviors and how to most effectively help them prepare for retirement. 7,545 participants responded to the survey.
Only 38 percent of the people surveyed felt confident or very confident about maintaining their current lifestyles into retirement. Confidence was greater in men (43 percent) than women (32 percent). People age 51 and over have 13 percent more confidence than younger investors; and individuals who make more than $75,000 a year are 16 percent more confident compared to those who make less.
Among the people who lack confidence in their retirement preparations, top reasons included not having enough money accumulated (73 percent), economic uncertainty (59 percent), rising healthcare costs (47 percent) and Social Security insecurity (45 percent).
“There are steps people can take, in addition to participating in their employer’s plan, to feel in control and at ease about retirement,” said Marsha Whitehead, vice president of marketing for retirement services and employee benefits. “Working with a financial professional, completing an income calculator and other steps can boost an individual’s confidence and keep them actively engaged in their retirement planning.”
Confident retirement plan participants are more likely to have calculated their retirement income needs (55 percent) and work with a financial advisor (35 percent).
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Tags: Accounting, Benefits, Financial Planning
