On this week’s Mullooly Asset Management video, Tom discusses the findings of a recent TIAA-CREF retirement savings survey.
TIAA-CREF interviewed 1,000 employer sponsored retirement plan participants about their biggest investment related regrets. Of those aged 55-64, one of the top regrets was being too conservative in their investments. The survey also found that 68% of those nearing retirement feel “unprepared for their future” and 47% wish they had saved more of their paycheck.
The statistics were summarized by TIAA-CREF’s executive vice president of Institutional Bussines, Teresa Hassara, who said:
“This research reinforces that preparing for retirement shouldn’t become a sprint to the finish, but rather a long-distance pursuit that requires careful planning throughout an adult’s life.”
When you work with a fee-only investment advisor (like Mullooly Asset Management) they have a fiduciary obligation to make sure your investments are properly invested. The “careful planning” mentioned by Hassara above alludes to managing the risk and taking advantage of opportunities in the market when risk levels permit. There are times to be aggressive and defensive when it comes to investing, and a fiduciary has the obligation to keep your best interests in mind. They’ll give you clear and unbiased investment advice that will hopefully allow you to comfortably reach your financial goals.
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