Preparing for retirement: Top trends

Key Points

  • Most workers are preparing for retirement, but many aren’t sure whether they’re saving enough
  • About 37% of workers expect they’ll need $1 million or more in retirement savings
  • Those with a formal plan are almost twice as likely to feel confident about the future

Most Americans are fairly confident about preparing for retirement – are you?

The Employee Benefit Research Institute (EBRI) 2017 Retirement Confidence Survey gauged the retirement preparation and confidence levels of 1,082 workers and 589 retirees across the U.S. 

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1. How much will you need in retirement?

More than one-third of Americans say a million dollars is the amount they'll need for a comfortable retirement. 

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2. What will your retirement income sources be? 

If you’re like most, Social Security will be key – with an employer-sponsored plan coming in a close second. Have you evaluated your sources? Here are the percentages of respondents who expect to use each income source.

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3. Are you taking advantage of financial strategies?

Nearly half of Americans simply lack confidence in their ability to select funds or protect their savings.

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Ready for the next step? Contact your advisor

If you don’t feel completely confident about retirement, you’re not alone. While 43% of respondents without a plan reported feeling stressed about retirement, 69% of those with a plan said they felt financially secure. Your Ameriprise advisor can help if you’re experiencing concerns with any of the above areas. See the complete EBRI study results here.