Almost two-thirds of "middle income" Americans between the ages of 55 and 75 are unsure if they have saved enough to live comfortably in retirement.
This was one of the findings of a study by the Bankers Life and Casualty Company Center for Secure Retirement. The study defines middle income as between $25,000 and $75,000 per year.
More than half of this group does not receive professional retirement advice of any kind. Instead, half get their information from the Internet, while four in 10 turn to friends and family for guidance.
In fact, 84% of those who do not have a professional advisor believe they do not need one. The three primary reasons why, according to the survey are: the belief they could do it on their own; the belief that they lack sufficient assets to work with an advisor; and the belief that professional guidance is too expensive.
Furthermore, those that feel they can do their own planning, in reality aren't. Nearly 63% said they spend less than one hour per month planning for retirement, while 36% don't do any research at all.
"Rising health and long-term care costs, the declining value of investments and an uncertain economic future all highlight the need for retirement plans that protect savings and make money last," said Scott Perry, president of Bankers Life and Casualty Co. "The value of utilizing the resources available —whether through your own research and analysis or a professional retirement advisor—is apparent when you look at what people face today when planning for retirement."
