ESSEX, Conn.--(BUSINESS WIRE)--Essex Financial, a financial planning and wealth management firm with more than $3.3 billion in assets under management or administration, today released the findings of a new survey of Connecticut residents to gauge their sentiments and preparedness around retirement income planning.
The survey, which polled Connecticut residents with at least $250,000 in assets, not including their primary home, found that more than half (58%) of respondents do not believe, or are unsure, that social security will be an available resource for their retirement income plans.
Furthermore, the survey results also point to rising healthcare costs as a prominent concern among those planning for retirement. To this end, more than one-in-three respondents (37%) note that their greatest fear when thinking about their retirement savings is the cost of medical and long-term care, followed by not having enough in savings to maintain their lifestyle and outliving their savings (each 27%). Only one-in-ten respondents cite tapping into their retirement savings as their primary planning concern.
“As people live longer lives and markets continue to rise and fall, injecting stability and flexibility into your retirement income planning is crucial,” said Chuck Cumello, President and CEO of Essex Financial. “Whether you’ve just started saving or you’re already starting this next phase of your life, proper planning is crucial to being financially ready to face the expected and unexpected in your retirement.”
When it comes to planning for retirement, forty-one percent of survey respondents indicate that they do not plan to live in Connecticut after retirement, with an additional thirty-four percent of respondents citing that they are unsure if they plan to remain in or leave the state once retired. Connecticut residents are, however, making positive strides towards preparing for retirement. When thinking about their overall level of readiness to retire, fifty-eight percent of respondents report that they do, in fact, feel financially prepared for retirement. As part of their planning process, sixty-three percent of respondents reported that they have worked with a financial advisor to plan for their retirement.
“The research shows that Connecticut residents are, for the most part, preparing for retirement, which is an encouraging sign,” said Cumello. “Whether you live in Connecticut or elsewhere, today’s investors need a combination of unbiased advice from experts and advisors on how to navigate the markets and plan for the specific & unique circumstances that each person or family may face. It is also critical that the plan laid out be flexible so that it can adapt to the inevitable opportunities & challenges people will encounter during their retirement years.”
The study polled a group of Connecticut residents with at least $250,000 in assets (not including their primary home) from November 11 to November 12, 2017. The total sample size was 1,055 respondents with a margin of error of +/- 3% percent with a 95% confidence interval. Google Survey technology was used to conduct the survey.
About Essex Financial
Essex Financial is an independent financial planning and wealth management firm with more than $3.3 billion in assets under management or administration. Since 2003, Essex Financial, has distinguished itself by providing value to clients through a hands-on, highly personalized approach to their financial needs. Essex Financial operates as a subsidiary of Essex Savings Bank, with 19 financial advisors providing comprehensive financial planning and wealth management services to more than 3,800 households and businesses in Connecticut and beyond. Essex Financial is headquartered in Essex, Connecticut, with offices across the state in Southport, West Hartford and Farmington.
For more information, visit www.essex.financial.