According to a Charles Schwab 2020 survey, about 33% of retirement plan participants don’t know just how long their savings will last them. Of those unsure, 40% are women and 25% are men. Only 26% contribute the max amount of money allowed by the IRS to their 401Ks. Participants surveyed estimated that Social Security would cover 17% of their retirement income, and the rest would come from savings, pensions, and part-time work. In general, those who work with financial advisers are more confident in their investment decisions.
Key Takeaways:
- According to a recent Charles Schwab survey, approximately 33% of those with retirement plans do not know how long their funds will last.
- Most survey participants claim that about 44% of their retirement income will be from a 401(K).
- Survey takers also said that about 17% of their retirement income will be from Social Security.
“Many are using accounts outside the workplace to save for retirement, with 57% using a savings account, 48% an individual retirement account (IRA) and 38% a brokerage account.”
Read more: https://www.planadviser.com/workers-need-help-retirement-income/
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