Where to Find Your Retirement-Planning Confidence
(Family Features) With the leisure and reward of retirement a few short years away, the majority of baby boomers – born between 1945 and 1966 – are confident they have adequately planned and saved for their golden years. This is according to new research from investing services company Scottrade, Inc., which also found that 56 percent of baby boomers expect to fully retire between the ages of 55 and 74.
DIY Retirement Planning
Overall, 72 percent of Americans report a strong level of confidence in their ability to plan their own retirement. That confidence comes from two actions: discussing retirement plans and savings strategies with others, and monitoring the news. Thirty-nine percent also said their self-assurance came from the fact that they preserved most of their retirement savings through the economic downturn.
“More online and in-person investment education opportunities are available to Americans than ever before,” said Kim Wells, Scottrade’s executive director of product development and chief marketing officer. “The availability of easy-to-use online trading and investing tools is empowering investors to build their portfolios and take charge of their financial futures themselves.”
Retirement Fund Trends
Scottrade’s research found that more than half of Americans, at 55 percent, are actively planning their retirement without the help of an advisor. This do-it-yourself action plan seems to be working. The majority of Americans did not see the value of their retirement accounts decline last year, and 73 percent reported the value of their retirement accounts either increased or stayed the same.
For Americans who saw a decline in their account value, 67 percent expect to recover those losses within 10 years. In response, a growing number of Americans are looking to save more in order to rebuild their retirement accounts, and 35 percent of Americans plan to save up to 10 percent more.
Staying on Track
For those who are uncertain whether they’re contributing enough to their retirement fund, online calculators make it easy to determine how much should be contributed annually, based on age, income and retirement plan. Check out the retirement calculator in Scottrade’s online Knowledge Center at www.scottrade.com, to help determine how much to save for retirement.
Learn more about self-directed investing at www.scottrade.com, and find more information on the Scottrade 2012 American Retirement Study at http://about.scottrade.com/.
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