A report by the Transamerica Center for Retirement Studies found that 4 in 10 workers who provided an estimate of their retirement savings said that they “guessed” the amount they needed, a finding that was basically unchanged from a decade earlier.
Still, more than half of adults, or 57 percent, are more confident about their ability to save for retirement than they were three years ago, according to the CNBC survey.
The survey, conducted for CNBC by SurveyMonkey in March, polled more than 2,300 adults about various aspects of financial wellness.
Another report by the Stanford Center on Longevity found that even under the most optimistic assumptions, most workers are not currently meeting their retirement savings goals.
The Stanford Center advises saving 10 percent to 17 percent of your income if you plan to retire at 65 — about double what most people are actually socking away.
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To get a more accurate picture of your retirement number, financial advisors, even apps, can play an important role as well as addressing any specific financial concerns you may have, such as a job change, move, illness, change in marital status, buying or selling a home, or paying for a child’s education.
Not surprisingly, those making more than $150,000 a year were more likely to consult with a financial pro or use a money management app, the CNBC survey found. Those making less than $50,000 annually were the most likely to admit to not managing their financial future at all.
“There’s a common misconception that you have to have wealth to work with an advisor and that’s not the case,” said Bill Van Sant, a certified financial planner and managing director at Girard outside of Philadelphia.
“High net worth individuals are still going to have assets at the end of the day,” he said “[Having a financial plan] is even more important for your typical family.”
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