“When determining how much to save for retirement, there are a number of questions to ask and options to consider. For starters, it’s important to understand your time horizon, risk tolerance and goals – do you plan to move, would you like to travel, or take up new hobbies? You should also prepare for unexpected and rising costs, like healthcare,” said Greenshields. “Retirement looks very different for different people, and it’s important to enter that phase of life with eyes wide open.”
Despite struggles to prioritize saving for retirement, non-retired Americans are becoming increasingly more confident when it comes to making investment decisions, with 31 percent primarily trusting themselves and 28 percent trusting financial advisors.
Among those who are not retired:
- Men are significantly more likely than women to trust themselves the most for financial advice (36 percent vs. 25 percent, respectively), while women are more inclined to trust their financial advisor or broker (33 percent, vs. 23 percent of men).
- Differences also emerge among age groups, with 18-34 year olds being most trusting of family members (43 percent), and those 65 and older most trusting of themselves (53 percent).
- Financial advisers or brokers are more likely to be a trusted source of advice among 35-64 year olds (34 percent) as opposed to 18-34 year olds (21 percent).
- Only 12 percent of respondents age 65 or older trust advisers over other sources.
- Men (47 percent) vs. women (37 percent)
- Adults ages 35-44 (54 percent), vs. 18-34 year olds (35 percent) and those 45 and older (41 percent)
- College graduates (52 percent), vs. those with less education (38 percent)