How Can That Be?

In an article on CNBC’s website, it was reported that Americans are increasingly optimistic about their financial future.  This information is based on a separate report by Allianz Life, with nearly three-quarters of boomers saying that they feel financially prepared for retirement.
However, Boomers have a median retirement savings of just $175,000 while only a third have more than $250,000, Allianz said.

To make matters worse, 63 percent of Americans fear running out of money in retirement more than death! So how is it possible that nearly 75% feel financially prepared?  Furthermore, the Boomer generation, particularly older Boomers, had greater participation in traditional DB plans.  Millennials have very little exposure to DB Plans, and they must now rely on their ability to fund, manage, and disperse proceeds from a DC plan. No easy task for a majority of Americans.

 

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s