Trying to develop a financial strategy can be something that is difficult, and many people may struggle with this. However, those who are making progress could be focusing more on their financial future.
Approximately half of Americans noted that their primary financial goal was to ensure that they have enough money put away for retirement, according to a report conducted by Harris Poll for the National Endowment for Financial Education. This was an improvement from 2011, when 47 percent of those polled felt that retirement savings was their most pressing issue.
When considering this year’s results, retirement savings was sizably higher than other priorities. The report showed that just 13 percent of Americans wanted to save up to purchase a home. However, that was higher than in 2011, when 13 percent felt they would make this their top goal.
“People are more in tune with the importance of saving for their retirement years,” said Ted Beck, president and CEO of NEFE.
Some older Americans worry about retiring
Even with a number of individuals focusing on the retirement aspect of their personal finance plans, there are older people who are worried about their preparations. According to a recent report from the Insured Retirement Institute, just 35 percent of baby boomers were confident in their finances in relation to their retirement prospects. In 2011, this figure was 44 percent.
“One of the most striking developments since we began this research series is the decline in boomers who did not know when they would retire,” said Cathy Weatherford, president and CEO of IRI. “That number has been cut in half. While the research shows that they are deciding to retire later in life, the important thing is that they are grappling with important aspects of retirement planning and beginning to develop a clearer picture of where they are and where they intend to be.”
However, some baby boomers felt that while their finances were in a rough spot now, they may get better in the future. The report showed that 42 percent of those polled felt that their situation will get better in the next five years. One year ago, just 33 percent of those polled said the same.
Still, there are many who are struggling with their savings. The report added that 25 percent of baby boomers put off retirement this year, while 28 percent don’t think they will reach retirement until they turn 70 years of age, at least.