According to a recent survey, 33% of pre-retirees hold doubts about whether they can support themselves in their retirement. After polling 1,095 individuals between the ages of 55 and 65 in June, Ipsos U.S. eNation Online found was that one out of three of these pre-retirees are unsure as to whether they will have enough money to cover basic living expenses in retirement. Although this is troubling, this group seems to display a lack of urgency in planning for retirement given that 43% will not focus on retirement income strategies until they are less than 5 years from the start of retirement. Given the ease of finding constructive advice these days via the internet or a local retirement income specialist, it seems shocking that such a large percentage of individuals do not set their strategies at an earlier time.
Please do not be one who falls into this procrastination category and put the power of time on your side. As noted in a prior blog, even a 10 year burst saving retirement strategy could achieve million dollar nest egg.