Notwithstanding a strong U.S. economy, only one in four Americans say they feel financially prepared for retirement, according to new research released Wednesday.
Certified Financial Planner Board of Standards reported that 79% of participants in a survey said they were not reassured that they had the best retirement savings strategies available to them. CFP Board said this may have to do with consumers not knowing what options exist.
Three in 10 respondents said they did not know whether their current employer offered a retirement savings plan. A quarter of respondents complained that saving for retirement was too complicated.
The poll was conducted in early April among a national sample of 2,200 adults.
“With so many Americans getting a late start on retirement savings, the odds are high that they will be unprepared to maintain the lifestyle they’re accustomed to living,” CFP Board’s chief executive Kevin Keller said in a statement.
“Americans know how important it is to save for retirement, but the truth is more than a third of those surveyed are overwhelmed by the process and, critically, many do not understand what products and resources are available to them.”