Americans' Retirement Readiness Has Improved
Americans are now more prepared for retirement than ever before, with an all-time high retirement score of 80, finds Fidelity Investments’ Retirement Savings Assessment study. This is a huge improvement from 2005, when the score was just 62.
Fidelity’s results come from 3,100 survey responses.
While the improvement is good news, the study shows half of those surveyed are at risk of not being able to fully cover essential expenses in retirement. Fidelity recommends three ways to increase your retirement readiness: 1) Raise your savings. 2) Review your asset mix. Think about replacing portfolios that seem too aggressive or too conservative. 3) Adjust your retirement age so you can delay claiming Social Security, which will increase your monthly benefit check.