Do Households Have a Good Sense of Their Retirement Preparedness?
The brief’s key findings are:
- Do households in the National Retirement Risk Index identified as “at risk” recognize their situation?
- The analysis finds that almost 60 percent of households have a good sense of whether or not they are on track for retirement.
- But about 20 percent incorrectly think they are prepared, in large part because they do not recognize that their 401(k) savings are inadequate.
- These households are in the most danger of saving too little, but even those who know they are unprepared may not take action unless prodded.