They may be planning a Major League Baseball game in the middle of a cornfield for next season, but they apparently aren’t planning for retirement.
While preparations are well underway in Iowa for the Chicago White Sox to play the New York Yankees next August in a regular season game in a specially constructed stadium adjacent to the Field of Dreams baseball field in Dyersville, a new survey finds planning lacking among Iowans when it comes to retirement.
A statewide survey examining the retirement preparedness of Iowans revealed that 49% ofresidents do not feel that they are adequately planning or financially prepared for their retirement.
The survey, released Aug. 15 by the Association for Financial Counseling and Planning Education®(AFCPE), found that well over one-third (37%) of Iowans have less than $5,000 saved or invested for retirement (not including home value).
The results also reflect that a large percentage of Iowans do not currently have any investments at all in their future, with many respondents citing they do not have sufficient retirement planning knowledge to feel comfortable contributing to a retirement fund without seeking help from a professional financial advisor or counselor.
“Every Iowan, regardless of income, race, or background, should be afforded the ability to live comfortably in their retirement years,” said Rebecca Wiggins, executive director of AFCPE. “The findings of this survey emphasize the need for accessible resources that promote foundational financial literacy and education that can guide responsible fiscal decision-making.”
Other notable findings from the statewide survey include:
- 39% of Iowans are planning to live off of Social Security in retirement.
- Over half (51%) of Iowans are currently carrying credit card debt.
- 24% of respondents said they do not have enough money to save or invest in their retirement.
- 51% of Iowans said they did none of the following when using a financial professional: verified they are licensed to do business inIowa; checked to see if the investment products they are selling are registered in theState of Iowa; contacted the Iowa Insurance Division; or background-checked the financial professional through FINRA’s BrokerCheck.
- When asked to provide the most accurate statement that describes retirement planning, the most common answer among white respondents (44%) was “I have a financial plan in place and am following it,” while most common answer among African Americans (36%) was “I have not started.”
“Whether you’re 25 or 65, it’s never too late to start planning for retirement. Working with a licensed financial professional can help consumers build retirement plans that fit their needs and risk tolerance,” said Iowa Insurance Commissioner Doug Ommen.
Veteran financial services industry journalist Brian Anderson joined 401(k) Specialist as Managing Editor in January 2019. He has led editorial content for a variety of well-known properties including Insurance Forums, Life Insurance Selling, National Underwriter Life & Health, and Senior Market Advisor. He has always maintained a focus on providing readers with timely, useful information intended to help them build their business.
