‘Emotional Factors’ Key to Saving Success

401k, retirement, savings

Tough to be sad doing this.

Emotional factors play a key role in retirement savings success, and most respondents to a recent survey indicated they want to enjoy life, feel financially secure and have peace of mind in their retirement.

A substantial number of those considered to be “successful savers” are confident they will achieve their life goals in retirement and identified key priorities for realizing them, PNC Financial Services Group finds.

Specifically, among those planning for retirement, three quarters listed living comfortably as a top goal, while 70 percent answered travel and 56 percent selected spending more time with family as top on their list.

Of those surveyed, 72 percent are confident they will achieve these goals.

“We understand that consumer decision-making about significant purchases or investments, such as buying a new car, a first home or many other products is heavily influenced by emotion. Similarly, we believe emotions are in play when people think about retirement,” Rich Ramassini, director of strategy for PNC Investments, said in a statement. “Our survey results reinforce the importance of setting goals and monitoring plans to balance those emotions.”

To that end, most successful savers feel they are taking the concrete steps they need to make those goals achievable.

Among respondents currently participating in a retirement plan, 70 percent are investing with investment firms, banks and brokerage firms, and in mutual funds, and 77 percent regularly revisit their plans.

Further, 53 percent are investing in employer-sponsored retirement plans. In addition, almost half (45 percent) have been saving for at least 20 years.

Other key findings in the survey include:

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