RADNOR, Pa.--(BUSINESS WIRE)--In an ever-evolving financial landscape, Lincoln Financial Group (NYSE:LNC) continues shedding light on the intricacies of retirement planning through the voices of those who have traveled it before. Recent research conducted by Lincoln reveals that 37% of US adults express shaken confidence in their retirement preparedness¹ serving as a wake-up call for individuals and financial professionals alike to closely evaluate their retirement strategies.
Key findings from the research indicate that a significant portion of consumers are grappling with confidence in their ability to prepare for and manage their finances throughout retirement. The economy, stock market fluctuation and global events are attributed as key influencers for the lost certainty. In fact, a mere 30% of retirees are very confident in their ability to manage their finances during retirement effectively and 62% wish they could go back in time and change the way they planned for retirement.¹
“Our research underscores the enduring wisdom of retirees and signals a crucial message for the entire financial planning industry,” says Ralph Ferraro, SVP, President, Retirement Plan Services, Lincoln Financial Group. “It reinforces the urgent need for personalized support, continued education and innovative solutions. At Lincoln, we’re leading the charge by investing in one-on-one guidance and cutting-edge resources to empower informed decisions, bridge the knowledge gap and help individuals achieve a secure retirement future.”
Key findings from the research indicate resounding themes that echo through the narratives of more than 250 retirees surveyed:
Early and consistent savings
- “Start saving and investing as early as possible.” - Age 71
- “Start saving at least 10% of your income as early as possible.” – Age 72
Developing an investment portfolio early in one’s career
- “Invest early; compound interest is a thing,” - Age 69
- “Invest in 401k, IRA, Roth, etc. as soon as you can. The magic of compound interest works best from the earliest ages, but never too late to get something.” - Age 67
Working with financial professionals
- “Use a good financial advisor, seek pensionable annuities or other solid income with them.” -Age 73
- “Be mindful of investments. Do research. Find a good financial advisor.” – Age 74
Establish healthy personal finance habits
- “Don’t get into debt; rather save your money and wait until you can afford what you want.” – Age 73
- “Over save and underspend. Plan for plenty of margin in your retirement finances.” – Age 69
Lincoln Financial Group has a range of financial wellness resources for both retirement plan sponsors and participants. To learn more, visit our financial wellness solutions page.
¹Lincoln Financial, Consumer Sentiment Tracker, 2023
About Lincoln Financial Group
Lincoln Financial Group provides advice and solutions that help people take charge of their financial lives with confidence and optimism. Today, approximately 16 million customers trust our retirement, insurance and wealth protection expertise to help address their lifestyle, savings and income goals, and guard against long-term care expenses. Headquartered in Radnor, Pennsylvania, Lincoln Financial Group is the marketing name for Lincoln National Corporation (NYSE:LNC) and its affiliates. The company had $290 billion in end-of-period account balances net of reinsurance as of June 30, 2023. Lincoln Financial Group is a committed corporate citizen included on major sustainability indices including the Dow Jones Sustainability Index North America and ranks among Newsweek’s Most Responsible Companies. Dedicated to diversity, equity and inclusion, we are included on transparency benchmarking tools such as the Corporate Equality Index, the Disability Equality Index and the Bloomberg Gender-Equality Index. Committed to providing our employees with flexible work arrangements, we were named to FlexJobs’ list of the Top 100 Companies to Watch for Remote Jobs in 2022. With a long and rich legacy of acting ethically, telling the truth and speaking up for what is right, Lincoln was recognized as one of Ethisphere’s 2023 World’s Most Ethical Companies®. We create opportunities for early career talent through our intern development program, which ranks among WayUp and Yello’s annual list of Top 100 Internship Programs. Learn more at. Follow us on Facebook, Twitter, LinkedIn, and Instagram. Sign up for email alerts at http://newsroom.lfg.com.