In order to retire and enjoy decades of financial security, two in five American investors figure that it will take:
a) $300,000
b) $750,000
c) $1.7 million
d) a miracle
The answer, according to the 2021 Natixis Global Retirement Index released Tuesday, is choice d — a miracle. That’s what 46% of Millennials, 45% of Gen X and 30% of Baby Boomers said in the annual survey.
The firm surveyed people with at least $100,000 in investable assets. Half of respondents with a net worth of $1 million or more said they were resigned to the fact of having to work longer than they’d anticipated. In the U.S., the 750 survey respondents had a median net worth of $450,000 and had saved on average more than 16% of their salary.
“What shocks me is that these are the people doing pretty much all the right things and even that isn’t enough to feel secure,” said David Goodsell, executive director of the Natixis Center for Investor Insight.
Among their worries: Rising levels of public debt, inflation and interest rates.
The survey was taken as part of an annual study of the countries that have the best mix of economic environment and government policies to drive retirement security. The perennial top three — Iceland, Switzerland and Norway — retained their spots. Overall, the U.S. was No. 17 out of the 44 countries in the ranking, down one spot from 2020.
The ranking scores countries on measures of finances in retirement, health, quality of life and material well-being.
This article was provided by Bloomberg News.