Denver, CO – Many adults in the United States are feeling the weight of financial stress, particularly when it comes to saving for retirement. According to recent polls conducted by the National Endowment for Financial Education (NEFE), a significant number of respondents expressed concerns about having enough saved for their retirement.
During the COVID-19 pandemic, 85% of respondents reported experiencing financial stress, with 31% specifically worried about their retirement savings. Additionally, 70% of respondents made financial adjustments during the pandemic, with some increasing contributions to savings or investments while others had to tap into emergency funds or borrow against retirement savings.
Interestingly, 80% of adults expressed a desire for mandatory financial education in high school, with 88% believing that it should be a requirement for graduation. Specifically, 84% of those nearing retirement age emphasized the importance of learning about spending and budgeting in schools.
When it comes to retirement preparation, lifetime financial education plays a crucial role. Understanding Social Security benefits and maximizing retirement income are essential aspects. Individuals can access more information on retirement planning and Social Security benefits on the Retirement webpage at www.ssa.gov/retirement.
It is recommended that individuals incorporate a personal my Social Security account into their financial planning. This account allows individuals to review their earnings history, receive personalized retirement benefit estimates, and more. Creating an account is easy and can be done at www.ssa.gov/myaccount.
For further resources and information on financial education, individuals can visit the NEFE website at www.nefe.org. It is encouraged to share this information with friends and family to promote financial literacy and preparedness for retirement.