Reaching retirement in some respect is important to a majority of workers, despite the long and arduous process it can take in order to have the right financial strategy in place. However, many people may be looking at a retirement situation that is possible, but further down the line than they initially expected.
Those who are about to graduate from college, or did so recently, may not be able to finally retire until they turn 73 years of age, according to a report from NerdWallet. This is 12 years later than the present average retirement age. Much of this is due to post-secondary education debt, as the median is more than $23,000. Trying to pay this off by the time these former students retire could cost them as much as $115,000.
One of the best ways that young people are able to avoid this long wait for retirement is by getting into some type of retirement savings program that allows them to have their benefits matched. The report specified that those who have a 401(k) can save their money more efficiently, especially due to the employer matching program that is prevalent with these options.
Many Americans look for financial tips
When trying to secure a solid financial future, many Americans are looking for some help. Approximately 55 percent of people are interested in getting advice from someone knowledgeable regarding money management, according to a report from TIAA-CREF. Despite the interest, only 36 percent noted that they are able to regularly get this information from a trusted source.
“Convenience, trust and time are key when it comes to receiving financial advice,” said Teresa Hassara, executive vice president of institutional business at TIAA-CREF. “Today, more than ever, access to financial advice at work can help employees be more intentional about planning for the future and confident about their retirement security.”
Even with the interest in this type of help, not everyone is confident in getting the right information. The report explained that approximately half of those polled noted that they are unsure where they can go to get the advice they need to improve their finances. Another 31 percent reported that it was difficult for them to pose the right questions in a situation where they would be able to get financial help.