POTTSTOWN PA – When it comes to planning for retirement, it seems that even people with plenty of money don’t have a clue.
Fully a third of those it identifies as wealthy Americans are either behind in their retirement planning, uncertain about what they should be doing, or have no stated retirement goals, according to PNC Wealth Management, a division of PNC Bank.
Results of PNC’s fifth annual Wealth and Values Survey were released Tuesday (March 3, 2009). Although the survey has been conducted for five years, this was the first year in which the nation’s affluent were asked about their expectations for life after work. Interviewers polled 1,263 Americans, all of whom had at least $500,000 in investible assets.
Of retirement, 15 percent percent claimed they were “saving as much as I can, but I am not sure I will meet my goal.” Another 11 percent reported they were behind schedule in their contributions, and 8 percent admitted they not have a retirement goal. Among the prepared, 50 percent expressed confidence they would reach retirement goals. Another 17 percent claimed to be “ahead of schedule.”
The working affluent envision themselves retiring at a median age of 62.3 years, the survey showed.
PNC operates banking branch offices in Pottstown, Royersford, Spring City, Phoenixville and Audubon.
Photo by Ned Horton