The Jolliest Retirement Facts of 2024
While retirement statistics these days can be downright scary—from balancing inflation with emergency savings, healthcare expenses, and the thought of a looming Social Security insolvency—workers and plan advisors are making changes to accommodate a comfortable retirement.
While they continue to face financial obstacles, more workers are optimistic about their retirement savings goals. A Schwab 2024 401(k) Participant Survey released earlier this year found that even as they think they’ll need $1.8 million in retirement, 43% of participants believe they are “very likely” to hit this goal compared to 37% in 2023. This is as more educate themselves about 401(k) investments and market factors when planning for retirement.
“Workers are feeling more optimistic about their retirement prospects and an improving economic climate tends to boost financial confidence, but it’s not the only factor,” said Lee McAdoo, managing director of Schwab Retirement Plan Services at the time. “We’re seeing heightened awareness around 401(k) investments and performance—a promising sign that workers are actively engaging with their accounts and cultivating knowledge to help them reach their goals.”
Read on to learn more about the leading jolliest facts spreading holiday cheer in the retirement industry for 2024.
