Only Thirty Percent of Retirees Did Enough Planning For How To Spend Time In Retirement, According to New Study from Lincoln Financial Group
In a recent press release, Lincoln Financial Group highlights the lack of emphasis placed on planning how to spend time during retirement. While there has been an increase in the number of Americans planning for their post-working years, the focus has primarily been on savings and financial aspects. The study conducted by Lincoln Financial Group reveals that only 30% of retirees have adequately planned for how they intend to spend their non-working years.
The aging population in the United States is expected to more than double over the next 40 years. This emphasizes the importance of proper retirement planning and the need for individuals to consider how they will occupy their time during retirement. While financial planning remains a crucial aspect of retirement conversations, it is equally important to plan for activities, hobbies, and overall lifestyle choices.
According to Lincoln Financial Group’s research, 77% of Americans surveyed in their 50s admitted to not giving enough thought to how they will spend their retirement years. This indicates a significant gap in retiree preparation and highlights the need for more education and awareness around the topic.
The press release also references a previous statement by Lincoln Financial Group, in which the company emphasizes the importance of turning financial resolutions into reality for the new year. As people set goals for exercising, reading, and saving money, financial planning often takes center stage. However, the current economic environment has impacted Americans’ specific financial goals, with 73% of respondents in a Lincoln Financial Group survey stating their belief that economic factors will worsen in 2024, including inflation and rising costs.
In another notable announcement, Lincoln Financial Group revealed that it has entered an agreement to sell its wealth management business to Osaic, Inc. one of the nation’s largest providers of wealth management solutions. This transaction is expected to provide Lincoln Financial Group with approximately $700 million in capital benefit upon closing.
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