American workers of all ages cite comfortable retirement among their top life goals, yet many are uncertain about how to plan for it, when to retire and how they will pay for it, according to Principal Financial Group’s latest retirement security survey released this week.
“Time and again, Americans overwhelmingly say they want a comfortable retirement, and shifts in the past few years about how we work and think about work has not changed that,” Sri Reddy, senior vice president for retirement and income Solutions at Principal, said in a statement.
“But our research shows there is a lot of work to be done to help people feel more secure and confident in their planning. It’s our job to demonstrate how the right tools, resources, and education can help people remain calm through bouts of market volatility while still preparing for the future.”
Reddy said securing a source of steady income beyond Social Security can bolster confidence of those who do not have a pension to spend the money they have saved without fear of running out.
“Identifying an ‘income floor’ in retirement is a great way for people to kick start this process,” he said.
Some 2,000 U.S. consumers and 248 plan sponsors with at least one financial product or service with Principal participated in the study, which was conducted in November and December.
See the gallery for eight takeaways from Principal’s retirement security survey.