Debt and Retirement

h/t - Roccy Defrancesco for the ‘shared facts’ from the report

From the study - how do people define financial happiness:

                               -67% (Paying bills on time/in full)

                               -65% (Being debt-free)

                               -54% (Enjoying ‘everyday’ small luxuries without worry)

                               -53% (Being able to afford experiences with loved ones)

You can see here the misunderstanding - debt is the enemy because it uses cash flow, but if you have more wealth and more cash flow from good decisions made earlier in life debt is not the problem… it is more a symptom of other decisions you made.

 Does debt negatively impact your ability to save for life in retirement?

Expected vs. Actual Retirement Age

This has continued to shift the landscape, but those with means are retiring earlier than expected.  Over 50% of workers expect to retire at age 65 or older while 70% of retirees did so before age 65.

-52% of retirees say their expenses are higher than expected.

-Over 1/3 of workers DO NOT know where to go to get financial/retirement planning advice.

 -52% know what their financial goals are, they don’t know how to get there.

  Employer wish list

  -54% of employees wished their employer auto-enrolled them into a 401(k).

  -44% wished their employer offered one-on-one financial help/coaching.

  -67% believe their employer has a responsibility to help with financial planning (especially if they offer a 401(k)).