MONEY HACKS: The Retirement Reality Check: Too Many Americans Are Missing

Retirement can feel like a far-off concept. Until suddenly, it’s not.

Maybe you’ve glanced at your 401(k) and wondered, Is this enough?
Maybe you’ve meant to check your Social Security benefits but never got around to it.

You’re not alone. A new report shows most American workers don’t feel confident or informed about their path to retirement. And while that might sound overwhelming, here’s the good news: it doesn’t take a full financial overhaul to get on steadier ground.

In this episode of Money Hacks, Alex shares four simple but meaningful steps to help you feel more prepared, no matter where you’re starting from. It’s about taking a little time — think 15 to 60 minutes to check in on your savings, review how you’re invested, run a quick projection, and make sure your money is protected through updated beneficiaries.

These are small actions that can offer peace of mind. And they’re especially important if you’ve been putting them off or feeling unsure about where to begin.

If retirement has been on your mind, or even if it hasn’t, this is a great place to start.

Have any money questions you’d like answered? Our Money Hacks series is built on conversations we have with employees, investors, savers, and anyone planning for their financial future. What topics are on your mind for our next episode?

Video Transcript:

A recent article from Yahoo Finance shared survey data showing that the majority of American workers feel uninformed when it comes to retirement and how to prepare for it. This includes things like understanding how Social Security works, how to enroll in Medicare, and what a Medicare supplement is. But it also includes something more basic — knowing how much you need to save to be on track for your retirement income needs.

We talk about this a lot — both in our retirement plan consulting and the one-on-one coaching we do with clients, employees, and investors across the country.

As we hit the midpoint of summer, now’s a great time to take a few minutes and do a quick checkup on your retirement readiness. There are four simple steps that can take anywhere from 15 minutes to an hour — and that time will be well worth it for the clarity and confidence it gives you.

First, look at how much you’re saving for retirement. For most people, that means the percentage of pay you’re putting into your 401(k) or 403(b). At the very least, make sure you’re contributing enough to get your full employer match — that’s free money. A good rule of thumb is aiming for a total of 12 to 15% of your pay between your contributions and your employer’s.

Second, take a look at how your money is invested. Is your investment mix right for your age, your time horizon, and your risk tolerance? There are plenty of tools out there — and we have some too — to help you make sure your investments align with your goals.

Third, run a retirement readiness projection. Use an online calculator, your plan provider’s tools, or work with a financial advisor to get a snapshot of what you’re on track to have in retirement. More importantly, see whether that amount will support the lifestyle you want when you’re ready to slow down or stop working.

And fourth, check your beneficiaries. This one is often overlooked. Nationally, only about 55% of workers have named a beneficiary on their retirement plan. That means nearly half haven’t — and if something happens, that can cause a lot of confusion or delays. You’re working hard and saving for your future. Make sure that money goes to the right person or people.

Those are four easy steps to take right now for a quick retirement plan checkup. They’ll help you feel more informed and more confident about your financial future.

If you have questions, ideas, or just want to talk through your next move, feel free to reach out. Thanks!