Planning for a secure retirement requires overcoming behavioral challenges
"The secret to a more secure retirement lies in our everyday behavior," says Christine Marcks, president of Prudential Retirement. "Planning for a secure retirement requires recognizing and overcoming behavioral challenges that undermine Americans' best intentions around saving."
Marcks encourages individuals to recognize five behavioral challenges that may be holding them back from saving for retirement:
1. I might live how long? Not planning for a retirement that may last 20 years or longer.
2. I'll do it later. Putting off saving for retirement.
3. It won't happen to me. Not planning for the unexpected.
4. I just can't resist. Being swayed by peer pressure in your savings habits.
5. I want it now. Not resisting those short-term impulses.
According to the latest data from the Employee Benefit Research Institute, one in four American workers doesn't feel confident they'll be prepared for retirement. With statistics like this, Marcks says it's important for individuals to understand the impact that these behaviors can have on their retirement security.
"By recognizing and overcoming these behavioral challenges, individuals have a much better chance of sticking to a solid savings plan," Marcks explains. "Once they understand what's holding them back, they can take action by joining their workplace-based retirement plan, if offered, or open up an IRA."
Interested in learning more? Watch a video of Christine discussing the five common behaviors that are derailing Americans' retirement security in honor of America Saves Week. Want to speak with Christine? Contact Tanya Valle.