Adam Goodman

How Would You Save Differently?

For most of you, retirement is a long time away, but it never hurts to start thinking about it (after all, the sooner you start thinking and planning, the more you’ll have).  Bank of America recently released a survey asking people close to retirement what their biggest concerns are, and what they would have done differently if they could plan for the future again.

Some interesting tidbits are:

  • 51% of respondents wish they would have focused more on “life goals” than on “the numbers”
  • 38% wished they had spent more time thinking about how they want to live rather than hitting a specific retirement number
  • 18% would have given up on certain luxuries in order to reach their retirement goals
  • 31% of respondents worked with a financial advisor, and 55% wished they would have worked with one

In terms of advice for younger generations, survey respondents recommended that if you are 10-15 years away from retirement you should:

  • build a plan around what is most important to you
  • have a plan to manage retirement income throughout retirement
  • pay down debt

There is also a short write up of the survey on the Money Bucks website.

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