| You may have mastered your professional and personal life, but you’re far less confident about planning for a secure financial future. That’s the conclusion of a new AARP survey of 1,500 middle-income workers ages 40 to 59 and the impetus for a "Saving for Retirement" campaign launched today by AARP and the Ad Council.
In the survey, 76 percent of respondents have accomplished significant financial goals such as buying a home, while more than 70 percent have paid off mortgages, student loans or credit card balances. Some 67 percent have saved for a family vacation.
But just 48 percent say they’ve saved enough to live comfortably through retirement. Nearly 30 percent say they forgo essentially free money by failing to get the full employer match in company-sponsored retirement plans; nearly 25 percent aren’t using recommended savings tactics such as setting aside automatic paycheck deductions.
The initiative provides free retirement planning resources and interactive tools aimed at energizing and empowering you to maximize your retirement goals at AceYourRetirement.org.
“Retirement planning can sometimes leave people anxious, confused or even paralyzed,” said Debra Whitman, AARP executive vice president and chief public policy officer. “This campaign will break down retirement savings into easy, actionable steps for all Americans.”
AceYourRetirement.org features a digital retirement coach named Avo, a chatbot that will ask the user questions about their lives, savings goals and retirement plans. Avo then provides personalized action items, including steps the user can take now to save for the future. For example, Avo might suggest strategies on how to turn a hobby into a source of income, how to have a conversation with a family member about financial priorities, or how to maximize a 401(k) contribution.
“Though saving for retirement can seem intimidating, this can help people recognize just how financially savvy they can be,’’ said Ad Council CEO Lisa Sherman.