NU Online News Service, May 8, 2003, 4:55 p.m. EDT – Only half of pre-retirees set clear retirement goals, according to results of a survey sponsored by Prudential Financial Inc., Newark, N.J.
Researchers interviewed 359 working Americans between the ages of 45 and 60. Seventy-nine percent contribute regularly to retirement savings accounts, but only 24% have established or updated a formal investment plan.
Although 65% complained that much investment information available today is confusing, only 31% said they have consulted financial professionals about retirement planning. Thirty-six percent have reviewed their investment portfolios with financial professionals, Prudential says.
Cost may be a main concern for many who have failed to use the services of a financial advisor. For instance, only 22% of pre-retirees with under $50,000 in annual income have reviewed their portfolios with financial advisors, compared with 35% of those earning between $50,000 and $75,000 and 37% of those with more than $75,000 in annual income, Prudential says.