Among retired U.S. adults, when asked to complete the sentence, “When I look back on what I might have done differently with my retirement savings, I should have..,” nearly two in five (39%) say they should have started saving earlier in their working life, according to a survey commissioned by Pentegra Retirement Services.
More than one-third (35%) say they should have saved more, and 29% say they should have paid more attention to preparing for retirement when they were younger.
Retired individuals also place importance on investing, with 13% saying they should have done each of the following: invested more aggressively, taken the time to learn more about investing, and continued working longer.
In addition, 12% say they should have delayed taking their Social Security benefits, and 10% say they should have worked for a company that offered a pension.
Among retired U.S. adults, 94% have advice about retirement to offer those younger than them, particularly stressing the importance of saving. Roughly three in five recommend those younger than them start saving earlier in their career (63%) or save more throughout their career (57%). About half (51%) say to always contribute enough to qualify for employer matching contributions, and 45% say find small ways to save more.
Just over one-quarter (26%) say to delay taking Social Security benefits for as long as possible and roughly one in five say to work with a professional financial planner (22%) or to continue working as long as possible (19%).
One in ten say to invest more aggressively (11%) or consider purchasing an annuity with some of their retirement assets to ensure you don’t run out of savings (10%). Other advice retired adults would offer to younger workers include various activities such as relocating to a less expensive area upon retirement (8%) or to take a part-time job to supplement retirement income (5%).
Among those who are retired, 79% say Social Security is a meaningful source of income for them, 59% say a pension is, and 24% report they get income from a 401(k).
More data from the 2016 Retirement Readiness Survey is here.
A job you enjoy and feel good about is more rewarding than making a lot of money doing a job you don’t like (or even hate).
Be open to opportunities that don’t seem to fit in the path you are imagining for yourself. You may find that you don’t end up where you expected but that life has been more rewarding than you ever imagined.
Do everything! You don’t want to look back and have regrets later in life that you played your life too safe and boring.
Get (and stay) out of debt.
You earn respect, it’s not just handed to you.
You will be defined not just by what you achieve but by how you survive. Also, you do not need to be connected to everything with your smart phone.
Of all that you have learned, you’re about to find out how smart you really aren’t – make the most of that lesson.
Know yourself.
Get rid of your entitlement attitude before you join the workforce.
But, Editor’s Choice goes to the reader who said: “Take some chances on yourself to pursue the crazy stuff now while you have no ‘strings’ attached. Travel if that’s your thing; try the dream job so you have no regrets.”
Thanks to everyone for sharing in this week’s survey!
Advice to the Class of 2016
Begin saving for retirement from day 1.
Try to figure out which niche you enjoy working as well as chasing the almighty dollar. In the end, a job you enjoy and feel good about is more rewarding than making a lot of money doing a job you don't like (or even hate). You can adjust your lifestyle, but it's difficult to adjust who you are if a job is a poor fit. As others have said before: work to live; don't live to work.
Save for a raining day, because there will be thunderstorms in your future.
Chances are, your first job will not be your dream job. But, take it anyway, and do your best. You will gain experience, make contacts and who knows, maybe it will turn into your dream job!
Once you get a job, enroll in your company 401k plan. Contribute as much as you can and make sure you contribute enough to get the max match. After that, determine your take home pay, and develop a budget, always live below your means.
Be persistent. Be polite. Listen to those who have done the job.
Start saving!!
Be open to opportunities that don't seem to fit in the path you are imagining for yourself. You may find that you don't end up where you expected but that life has been more rewarding than you ever imagined.
When looking for work, do what you love--which may not be the job with the highest pay or most prestige. You're probably pretty good at doing the things you love, and work will seem like less of a burden. 40 or more years doing a job you dislike will make you an unhappy person, regardless of the material rewards.
Be organized and prepared every day. While there is some element of luck in the progress of one's career, when opportunity knocks, only the ready, willing and able can answer.
More Advice to the Class of 2016
Do everything! You don't want to look back and have regrets later in life that you played your life too safe and boring.
Find someone you love. Find something outside of school that you enjoy. Don't worry about the future.
Avoid debt See the world now Avoid debt Live simply Avoid debt Don't let others determine your life Avoid debt
You may have learned a lot of information but college has most likely not prepared you for life.
Save, save, save
Don't vote Democrat
Get (and stay) out of debt.
Learn you craft as though your life depended on scoring 100% on the test. Smell the roses regularly and then you don't have to beat someone at work to be better at your job, you just have to propel yourself to achieve. Set a target, work to achieve it.
Do you want a job or do you want a career? This will lead to how your future evolves.
You will not always be able to control your circumstances in the working world, so roll with the changes and continue to learn and always be flexible.
Even More Advice to the Class of 2016
Pay off student loans early, stay out of debt, and start saving for retirement!
You earn respect, it's not just handed to you.
You will become what you think about, so set your sights high. And, beginning with your first day on the job, save 10% from every paycheck toward your retirement.
Take some chances on yourself to pursue the crazy stuff now while you have no "strings" attached. Travel if that's your thing; try the dream job so you have no regrets.
Remember what is important in life--work hard, but also take the time to enjoy and experience life. That first job is important, but it rarely ever the last job you will have. Grow and learn from it and make the most of the experience, but know that you should never feel stuck in a particular job.
Show up Be nice Work hard
Save your money, buy a house.
You will face adversity. You will have easy days but it's the hard days that will challenge you to your core. You will be defined not just by what you achieve but by how you survive. Also, you do not need to be connected to everything with your smart phone. Disconnect and take in the beauty of what is going on around you. Live for each "moment" as these moments make for a lifetime.
Start saving 20% of each paycheck for retirement, immediately! And plan on working till 80.
Of all that you have learned, you're about to find out how smart you really aren't - make the most of that lesson.
Show up on time or early, and work hard. Work as part of the team and get along. Don't take long breaks or gossip and then complain you can't get your work done.
go to college and start saving for retirement now.
Know yourself and follow your passion, if not in your work life in your personal life. Be sure to have fun and it is never too early to save for retirement. Then I might add the advice my mother gave me, always keep your passport with you as you never know when someone may want to whisk you off to Paris. ( 40 years later I'm still waiting to be whisked).
Get rid of your entitlement attitude before you join the workforce. Remember, your employer is not your parent !
You should not give up on your ideals and your dream career, but you will absolutely have to compromise to some degree if you want to work and truly provide for yourself and for the community. Jobs only exist to the extent that there is demand for labor. You need to make yourself useful, and then you will be useful!
NOTE: Responses reflect the opinions of individual readers and not necessarily the stance of Asset International or its affiliates.