“We listen and we don’t judge” is an oftentimes humorous, but sometimes serious, TikTok trend where users share confessions in a non-judgmental environment without fear of criticism.
Here at Bankers Life, we listen and we don’t judge when it comes to retirement. It isn’t easy to be vulnerable about financial matters, and many people struggle with saving for retirement and making important financial decisions.
Check out these nine common confessions when it comes to retirement planning.
- I’m Not Saving for Retirement
Ever feel like the only person in your circle who’s not saving for retirement? Chances are you aren’t alone. Kiplinger reports that one in five adults ages 50+ have no retirement savings. Common barriers to saving for retirement include immediate financial pressures, lack of access to employer-sponsored plans, lack of trust in financial institutions, unexpected life events, and lack of financial literacy.
- I Don’t Think I’ll Ever Get to Retire
It used to be that retirement at age 65 was a given, but today about a quarter (26%) of adults ages 50+ say they expect to never retire. A combination of financial, economic, and personal factors—coupled with longer life expectancies—can lead people to believe that continuous employment will be necessary to sustain their needs throughout their lifetime.
- I Don’t Know How Much Retirement Savings I Will Need
Understanding how much retirement income you’ll need each month is a crucial part of planning for the future, yet 23 percent of workers don’t know how much savings they’ll need to live comfortably in retirement.
- I’ve Taken Retirement Account Withdrawals
Money left in retirement accounts grows exponentially over the long run thanks to the power of compound interest, but this isn’t stopping a record number of people—41%—from taking early withdrawals from their retirement funds. The top reasons people take money out early include personal debt (24%), recurring bills (21%), major purchases (19%), medical expenses (18%), personal emergencies (18%), and home repairs (11%).
- I Prioritize Enjoying Life Now Over Saving for the Future
Around 60% of Millennials and Gen Z would rather spend money on life experiences like traveling and concerts than save for retirement. This speaks to the “soft saving” trend that prioritizes enjoying life now over the traditional mindset of working hard to save for the future.
- I’m Planning on Relying on Social Security Benefits
CNN reports that 53% of non-retired U.S. adults expect they will need to use Social Security to pay for necessary expenses. Among those 60 and older, 69% said they will be reliant on Social Security benefits, with 47% saying they expect to be “very reliant.” Social Security is designed to provide a safety net for retirees but isn’t intended to be the primary source of retirement income.
- I Haven’t Considered Long-Term Care
Long-term care is one of the biggest expenses many people face in retirement, and 70% of people will need these services in their lifetimes. Despite this, only about one-quarter of Americans have seriously considered getting long-term care insurance or a savings account for long-term care expenses.
- I’ve Never Gotten Professional Advice
Most people wouldn’t face a serious medical diagnosis without a doctor or a complex home repair without a skilled tradesperson, but only 35% of Americans work with a financial professional to make complex decisions that impact their financial future.
- I Struggle to Understand Complex Financial Concepts
From traditional and Roth IRAs to annuities, wills, and trusts, preparing for retirement involves complicated pieces that many people don’t understand. In fact, in 2024 the average American scored just 48% on a financial literacy test from the Global Financial Literacy Excellence Center.
Can you relate to any of these common retirement planning confessions? Don’t hesitate to reach out to learn how Bankers Life can help protect your financial security!
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For information and educational purposes only. Does not constitute investment advice or a recommendation.
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