58% of Americans believe that the US is in a retirement crisis, according to data from Morning Consult for Prudential Financial, but how real is that feeling? Should Americans feel more secure in retirement than they currently feel?
PGIM DC Solutions managing director, portfolio manager, and head of retirement research David Blanchett joins Wealth! to break down Americans’ feelings over retirement and give insight into how to approach it.
Blanchett plainly believes: “I think the problem is, the word crisis means different things to different people. Some might suggest that if one American is not in great shape, that that constitutes a crisis. If you look at polls of retirees, indicators of overall economic well-being, retirees are actually doing pretty well. We have a pretty robust pension system, Social Security. So I don’t think we have a crisis.”
To best prepare for retirement, Blanchett says: “I think it’s important to be invested in a professionally managed, diversified portfolio. If you participate in a 401(k) plan, that would be a target-date fund. I think beyond that, it’s really savings rates that are going to drive the outcome for your retirement. So, save at least 15% if you can or more, and as you age, try to save as much as possible.”
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