Thinking about retirement can trigger a lot of anxiety. But crafting a solid plan for reaching your goals can create a confidence and sense of peace that erases those worries.
Fidelity Investments recently asked more than 2,500 American adults to talk about how they are planning for retirement. As part of the survey, Fidelity queried two types of people — those with a retirement plan and those without — about how they feel when they think of their coming golden years.
Those who had a plan felt much better about the future. Following are some examples of how having a plan improves people’s retirement outlook.
3. They know how to keep up with inflation
Respondents who cite this:
- 77% of those with a plan
- 57% of those without a plan
These days, rampant inflation has everyone running scared. Retirees who no longer bring in a steady paycheck are particularly likely to fear rising costs.
Yet, those with a plan are much more likely to say they know what they need to do to keep up with inflation compared to those without a plan.
Start your inflation-fighting plan by reading “5 Surefire Ways to Beat Inflation.”
2. They know how much they need to retire
Respondents who cite this:
- 84% of those with a plan
- 56% of those without a plan
One of the biggest anxieties we share about retirement is the fear of running out of money before we draw our last breath. However, an overwhelming percentage of people with a plan say they know how much they will need to retire.
A much lower number — just over half — of those without a plan have a clear sense of how much money they will need before they leave work for good.
1. They’re confident they can retire on their own terms
Respondents who cite this:
- 91% of those with a plan
- 67% of those without a plan
Some people fret that they will never be able to retire. But that’s not the case for workers who have a solid plan guiding them toward their golden years. Approximately 9 in 10 of these folks are confident they will be able to retire when and how they see fit.
Those without a plan are much less sure they will retire on their own terms.
How to craft your own retirement plan
Clearly, making a plan for retirement pays big dividends. And no matter how young or old you are, the time to get started is now.
If you need help crafting a plan, enroll in the Money Talks News retirement course, The Only Retirement Guide You’ll Ever Need.
This 14-week boot camp is intended for those who are 45 or older, but anyone can benefit from the lessons in this course.
Taught by Money Talks News founder Stacy Johnson, you’ll learn such lessons as:
- How to invest to reach your retirement goals and never outlive your savings
- How to score up to $12,000 more in Social Security benefits every year
- How to stay in top shape and manage your medical costs
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