A new report from wealth management firm Wealth Enhancement Group found that only 19% of Americans surveyed regularly meet with a financial advisor to discuss their retirement goals.
This despite the fact that only 48% think they have done everything they can to prepare for retirement, while 36% feel they are behind in achieving their retirement goals. Another 18% have not set any retirement goals.
Additionally, 55% of respondents fear that inflation will inhibit their ability to reach their retirement goals within eight years. An overwhelming majority (80%) also worry about the outcome of this year's presidential election in their retirement plans.
The survey, which included 1,000 respondents, found that 61% worry about not having enough money in retirement. These concerns were expressed by 68% of women and 55% of men. A report from Goldman Sachs earlier this year found that more than a quarter of women were saving less than $50,000 for retirement.
Younger Americans feel more confident about preparing for retirement than those in older demographics: 37% of millennials surveyed said they are on target with their retirement goals, and 5% said they have already met them. At the same time, only 22% of baby boomers said they felt on track, while 14% said they had already achieved that goal. Meanwhile, 25% of Gen X members said they haven't even set any retirement goals.
When examining the attitudes of survey respondents who have already retired, half said they would have saved more money if they had a chance to finish. A quarter said they would have developed a better financial or retirement plan. Those who developed detailed financial plans included actions such as addressing long-term care concerns, writing wills, creating trusts, and earmarking resources for philanthropy.
The Wealth Enhancement Group Retirement Survey was conducted by Wakefield Research via an online survey in July 2024.