Retirement Planning Challenges
According to a survey by Pontera, a fintech company, many retirement savers lack control over key decisions tied to their workplace retirement plans.
Two-thirds of the 1,000 U.S. retirement savers polled reported feeling overwhelmed by choices such as account types and complex rules.
- Choosing account types
- Understanding complex rules
Fewer than one in five Americans said they were highly knowledgeable about managing their retirement or college savings accounts, while 42% reported that the process made them feel stressed, anxious or confused.
The survey highlights a disconnect between what savers want to do and how confident they feel doing it, with confidence continuing to lag intention when it comes to retirement planning.
Author's summary: Retirement planning often goes awry due to lack of professional guidance.
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