Retirement Savings Advice From Retirees
More than half of current retirees (54%) are confident they will be able to live comfortably throughout retirement. In contrast, only a quarter of those below the retirement age and currently employed (“current workers”) are confident about having enough income in retirement, according to the latest BlackRock Annual Retirement Survey.
The retirees have useful advice for current workers. Specifically, they suggested workers should save early and as much as they can. More than 80% of retirees who described themselves as confident also said workers should:
- Increase their retirement contribution savings whenever they are able to (90% of confident retirees did this);
- Make the most of their 401(k) plans (87% of confident retirees did this);
- Estimate retirement income needs before retiring (84% of confident retirees did this); and
- Review retirement savings strategy on a regular basis (83% of confident retirees did this).
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