1:03 AM / Monday May 20, 2024

12 May 2023

How confident are you that you’ll be able to retire?

  • Facebook
  • Twitter
May 12, 2023 Category: Seniors Posted by:


More Americans are retiring earlier than previous generations. According to a survey by the Federal Reserve Bank, their odds of retiring before age 62 rose to roughly 50% in July 2021, partly due to the pandemic. For many, moving up their retirement seemed like the right choice given the state of the labor market and economy, but many were not and are still not financially prepared to retire.

According to a 2022 retirement confidence survey from the Employee Benefit Research Institute, one in three workers are “not too” or “not at all” confident they will have enough money to live comfortably throughout their retirement. And for those surveyed who say they are confident, retiring “comfortably” only covers the basics like housing, transportation, health care, food and utilities.

Retirement can mean a lot of things, but most people envision it as a time after their working life to enjoy things they may not have had the time to do before. While this looks different from person to person, many look forward to traveling, visiting family and enjoying hobbies.

Are you confident you will be able to retire with your basic expenses covered and enjoy the post-work life you’ve imagined? Check these three things.

1. Define your goals

After decades spent working, the prospect of retirement can feel sudden, and some people may have difficulty envisioning what it will look like. When you picture your retirement, what do you see yourself doing? Traveling abroad and checking cities off your bucket list? Paying for your children’s or grandchildren’s weddings? Setting up a legacy fund for your loved ones?

If you don’t yet know what you want out of retirement, start thinking now. Without clear goals, you won’t know how much money it will take to reach them. Beyond your core living expenses, consider how you would like to spend your time during your “go-go” (the first 10 years of retirement), “slow-go” years (middle retirement), and beyond.

2. See where you stand

Now that you have defined your goals, it’s time to see how your savings, investments, retirement accounts and other assets can support your desired retirement lifestyle. An easy way to check your retirement readiness is to use an online platform like Prudential Stages for Retirement.

This digital tool will take the information you share about your current financial life and retirement goals to determine your personal “confidence score,” which indicates your retirement readiness. In a few steps, you will have a clearer picture of your retirement based on how you are saving and investing today.

3. Speak with an advisor

Once you have a clearer view of the big picture, you can meet with a financial advisor to help map out a step-by-step financial plan. If you do not have a financial advisor, you’re not alone.

Millions of Americans do not have a financial advisor. Some do not because they don’t know how to find someone they trust. Still others may feel an advisor is not for them, mistakenly thinking they need a certain level of wealth to engage a professional’s help. However, establishing a relationship with a financial advisor can help you confidently plan for a better retirement and even give you an edge.

According to the Warrington College of Business, industry data suggests that people who receive professional financial advice can add 1.5%-4% to their portfolio returns over time. Enlisting the help of a financial advisor can make planning for retirement easier and grow your wealth so you can achieve your retirement goals instead of having “just enough,” or even not enough.

Through Prudential Stages for Retirement, you can set up a meeting with a noncommission-based financial advisor who will recommend strategies and products that can help you reach your retirement goals.

They will look at your retirement confidence score and establish a personalized plan to help you refine your goals and determine if you’re on track to afford your retirement. You do not have to be an existing Prudential customer; anyone can get started planning a more secure retirement. To learn more and get started, visit Prudential’s Retirement Calculator.

  • Facebook
  • Twitter

Leave a Comment

Recent News


On The Brink of Elimination:

April 30, 2024

Tweet Email The Philadelphia 76ers are on the verge of yet another early playoff exit. ABOVE PHOTO:...

Philly NAACP

May 19, 2024

May 19, 2024

Tweet Email Tweet Email Related Posts Philadelphia Judicial Primary Candidates At A Glance Guide Philadelphia Judicial Candidates...


This Mental Health Awareness Month, learn how to help prevent an overdose

May 19, 2024

Tweet Email BPT This month highlights the important role mental health plays in our general health and...

Election 2024

Pennsylvania sees fewer mail ballots rejected for technicalities, a priority for election officials

May 18, 2024

Tweet Email ABOVE PHOTO: Allegheny County Election Division Deputy Manager Chet Harhut explains the process of sorting...

Color Of Money

Savvy online shopping tips to save money and time

May 19, 2024

Tweet Email BPT — SPONSORED BY CITI The ease of shopping online can offer customers greater flexibility...


Finding your strength while living with Thyroid Eye Disease (TED)

April 22, 2024

Tweet Email BPT LaQuilla Harris, a devoted mother, grandmother and retired property manager, led a healthy and...

The Philadelphia Sunday Sun Staff