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Retirement Preparedness and Savings Choices in 2005-2009

Retirement Preparedness and Savings Choices in 2005-2009

What are the current trends in retirement preparedness and savings choices? In Filene’s continuation of the Consumer Finance Monthly (CFM) series, we explore:

  • A market analysis of retirement preparedness, saving choices, and general trends from 1952 to 2009.
  • CFM household data including net worth, household income, and the net worth to income ratio.
  • CFM household data components of net worth and saving choices.
  • A key set of strategic implications for credit unions based on the research findings.

Our key finding: Not much has changed. The value of real estate assets and investments in complex products (e.g., mutual funds and bonds) fell, while Americans of all ages hoard their cash. But despite the deepest economic recession in the modern economy, there has not been a large change in Americans’ retirement preparedness. The findings may be remarkably unremarkable, but there are still significant strategic implications for credit unions. Credit unions have a storied past of being banks for beginners. This research identifies an opportunity for credit unions to suit up and manage a critical life event for members, the accumulation and de-cumulation stages of retirement. Americans may or may not be prepared to retire, but credit unions can position themselves to help members prepare and navigate this critical life event.

Categorized: 'Products & Services'

Tagged: 'retirement' 'savings' 'net worth' 'household income' 'investments' 'real estate assets'

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Comments on this Report

I think that your illustration is not caellisepy useful.The average pot that is a352k which would give an income of a33200 or a32600 if you are about to retire. The average salary is a326000, or even if you were lucky enough to be in the top 25% of earners, you are earning just under a332,000.the idea of putting away another a310 rather than a31000 per month into a pension is very unrealistic in this current situation.If you manage to retire at 60 then you will have no one to play glof with as your friends will be working for another seven years at least.We also need to be very careful where we put our savings for our retirement, so many pension funds have been lost or looted, so you may find that your fund is less than you thought, or even less than you put in, and what that fund buys you is less than you thought.We need to put more emphasis on spending less now, saving it and investing it in many different ways and needing less in our retirement by sharing resources and costs.

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