Only Thirty Percent of Retirees Did Enough Planning For How To Spend Time In Retirement, According to New Study from Lincoln Financial Group
16 Gennaio 2024 - 4:32PM
Business Wire
As America ages, more time must be spent
planning for pastimes during retirement
The number of Americans aged 65 and older will more than double
in the next 40 years, and more adults than ever are planning for
their post-working years. While traditional retirement plans
require ample conversations about savings for the future, less of
the retirement conversation refers to how retirees intend to spend
their days during their non-working years. New research from
Lincoln Financial Group1 (NYSE: LNC) shows that 77% of Americans
surveyed in their 50s and 60s see retirement as a phase of life
during which they will finally be able to pursue the passions and
pastimes they did not have time for during their working years.
Despite the desire to plan for exactly what they want to do in
retirement, only 11% of pre-retirees say they have done a lot of
planning for pastimes in retirement.
Establishing plans with a professional
Many Americans approaching retirement work with a financial
professional to ensure accurate planning, saving and investing, yet
they are not spending the time needed to ensure a lifetime of
enjoying their passions. To create a lifestyle, complete with time
and funds to explore these passions and pastimes, and to ensure
that loved ones can be part of this plan, more energy must be put
toward a plan for these activities.
- The research shows that 87% of individuals in their 50s and 60s
who work with a financial professional have discussed an investment
strategy for retirement, but only 53% have discussed a budget for
their favorite activities.
- Nearly half (48%) of individuals aged 50+ who work with a
financial professional but have not discussed budgeting for their
pastimes in retirement have grown more worried about their
finances.
“Those approaching retirement today have no plans to slow down,
and that’s what so many are overlooking in the planning process,”
said John Kennedy, EVP, Chief Distribution and Brand Officer at
Lincoln Financial. “We want to help the next generation of
retirees ensure their pastimes last a lifetime, and this research
is a clear indication that there needs to be more of an emphasis on
planning to do the things that you love, especially when you
finally have time for them after your working years.”
Pursuing pastimes in retirement
Pre-retirees and retirees have a desire to spend retirement
pursuing their passions and pastimes like traveling, volunteering,
experiencing the arts, exploring outdoor activities and
socializing.
- Pre-retirees in their 50s and early 60s intend to do more
planning, with 87% saying they expect to spend additional time
planning for retirement.
- However, once in their retirement years, only 30% of retirees
say they did enough planning for how to spend time during
retirement.
“Retirement can be full of opportunities, adventures and new
experiences – if the right plans are in place,” said Jimmy Reid,
President of Workplace Solutions at Lincoln Financial. “Our new
research shows that while many people are dreaming of what they
will enjoy in retirement, they aren’t factoring the expense of
their hobbies and activities into their planning. By leveraging the
right advice, tools and solutions into financial planning,
pre-retirees can ensure they have saved sufficient funds for what
they love most in the years ahead.”
To learn more about how to take financial action today to ensure
your pastimes last a lifetime, visit LincolnFinancial.com.
About Lincoln Financial Group
Lincoln Financial Group helps people to plan, protect and retire
with confidence. As of Dec. 31, 2022, approximately 16 million
customers trust our guidance and solutions across four core
businesses – annuities, life insurance, group protection and
retirement plan services. As of September 30, 2023, the company had
$290 billion in end-of-period account balances, net of reinsurance.
Headquartered in Radnor, Pa., Lincoln Financial Group is the
marketing name for Lincoln National Corporation (NYSE: LNC) and its
affiliates. Learn more at LincolnFinancial.com.
1 Source: Lincoln Financial, Consumer Sentiment Tracker,
September 2023
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Julia Phillips Julia.Phillips@lfg.com 856-562-7070 Abby Hagstrom
Abby.Hagstrom@havasformula.com 303-877-0738
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