A growing number of Americans are not confident that they have saved enough for retirement. Many plan to work up until age 80 to save enough money to live comfortably throughout their golden years but still do not consider planning for retirement a major concern.
According to a new survey by Wells Fargo and Harris Interactive, 53 percent of pre-retirees are not confident that they have saved enough for a comfortable retirement. This number is up 11 percent from when the same question was asked in 2011. 70 percent of respondents plan on working through retirement, while one third plan on working into their 80s. Most Americans think employers should do more to help employees prepare. 74 percent of respondents think that employers should provide personal advice to help employees save for retirement, and 59 percent believe employers should automatically enroll employees in a retirement plan.
Despite their lack of confidence, only 16 percent of respondents say saving for retirement is a major concern. Middle class Americans rank planning for a home remodel and planning for a vacation as higher priorities than planning for retirement. Only 36 percent of Americans report having a written plan for retirement, and 76 percent of respondents admit that their calculations for retirement savings are based on a personal guess. Their guesses are often inaccurate. On average, middle class Americans estimate that out-of-pocket health care costs in retirement will total $47,000, while research indicates a typical couple can expect to spend upwards of $260,000.
Read more about the results of the annual Wells Fargo Retirement Survey.
Consumer Intelligence, Facts and Figures, Human Resources, Reports
Today’s average retirement ages of 64 for men and 62 for women are about the same where they were a decade ago, suggesting that some factors spurring ...
Facts and Figures, Health and Wellness, Managed Risk, Memory Care Best Practices and Research, Reports
Scientists have found evidence of the amyloid protein found in Alzheimer’s disease in the brains of people as young as 20. Amyloid is normal in the br...
Competitive Positioning, Facts and Figures, Federal Agency Activity, Property Management, Reports
The Centers for Disease Control has released new state web tables using data from its National Study of Long-Term Care Providers conducted in 2012.
cheatsheet, Competitive Positioning, Facts and Figures, Financing Senior Living – Consumer Education, Reports
A new study crunching assisted living data lists the top 10 most expensive states with Washington, DC, topping the list. Washington is followed by ...
cheatsheet, Disabilities, End of Life, Facts and Figures, Health and Wellness, Memory Care Best Practices and Research, Memory Care Education, Reports
A new report from the Alzheimer’s Association focusing on the financial impact of Alzheimer’s disease in the United States cautions that costs could s...
cheatsheet, Membership, Policy in the States, Regulations, Reports, Risk Management
In 2014, states across the country passed legislation and implemented regulations affecting assisted living providers. Do you know what changed in you...
Declining cognition is associated with a significant decline in financial literacy, according to a new study from the Center for Retirement Research.
End of Life, Facts and Figures, Hospice, Medicare, Partnerships, Reports
Medicare payments for hospice care in assisted living communities has more than doubled in five years, totaling $2.1 billion in 2012, according to a n...
ALFA is collecting data for the 2015 Largest Senior Living Provider list, which appears in the March/April edition of ALFA’s Senior Living Executive m...
Audits, Business Planning, cheatsheet, Facts and Figures, Membership, Regulations, Reports, Risk Management
ALFA has just published the 2014 Top Ten Deficiency Report, which provides a state-by-state assessment of the most common regulatory citations in seni...