MFS Investment Management has published a new report that reveals some substantial disconnects between the retirement expectations of working Americans and the realities people face after leaving the workforce.
According to the data, pre-retirees seem to overestimate the role of some retirement income sources while underappreciating others. Likewise, while many workers say they are at least somewhat financially prepared for retirement, advisors report that emotional preparedness for retirement remains low.
The survey results emphasize the need for better education and portfolio diversification, according to MFS. They also show Americans on both sides of the retirement divide are worried about the future of Social Security — with 80% of workers and 70% of retirees fearing Social Security benefit reductions after 2033.
See the slideshow for additional highlights from the MFS report.
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