A study by Fidelity found that having a written retirement plan is not a priority for many Americans, and that includes baby boomers.

In fact the study found that three out of four boomers don’t have a written financial plan for retirement. For millennials, 87 percent don’t have a plan and 81 percent of Gen Xers are without a plan. Overall, only 18 percent had a written financial retirement plan in place.

The top reason for failing to create a written retirement plan is, “I’ve never thought of having to prepare a plan” (23 percent), followed by “I don’t know where to begin” (22 percent) and 20 percent said, “I feel like I am too far behind for it to make a difference.’’

The Fidelity Investments’ Retirement Mindset Study, which examined the different attitudes Americans have toward retirement, was conducted online between February and March. It included 1,429 adults, ages 23 to 74 years and older.

Interestingly enough, respondents were upbeat about their financial wellbeing. When asked how much confidence they have in being financially prepared for retirement, 62 percent said they feel confident about their current financial health and 65 percent said they are more confident today than they were this time last year. On the other hand, 75 percent reported feeling only “somewhat confident” to “not confident at all.”

So, why is there disconnect between how people feel about their current financial health and their level of confidence about their future financial health in retirement?

The report suggests that the answer may be a lack of planning. It noted that creating a plan for retirement can lead to a sense of confidence and control, and ultimately give people a clearer picture of where they stand for their retirement.

The study also sought to learn whether specific life events such as divorce, the death of a loved one, or economic situations like market volatility inspire people to gain more financial control of their retirement. But these events were not top motivators, the report pointed out.

When asked which event most inspired people to gain more control over their retirement finances, 30 percent of respondents cite “no specific event/just felt like it’s what I needed to do.” The second most common response, “I haven’t yet gained control over my finances” (25 percent), the report noted.

The study also found that many admit to worrying about uncertainties such as having to downsize their home or move due to high cost of living, adjusting their lifestyle to fit a fixed income and outliving their assets, which was the biggest concern at 24 percent.

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