The U.S. is facing a retirement crisis as many investors are failing to adequately prepare for their non-working years.
At the ETF Virtual Summit on January 15, Larry Fink, Chairman and CEO of BlackRock, will emphasize the growing retirement crisis in the U.S as investors fall short of retirement goals.
BlackRock has warned against problems as savers try to meet their retirement needs.
“A combination of factors, including a population that is living longer, the lingering effects of the ‘Great Recession,’ and simply not enough savings, has created a retirement funding gap in the United States,” according to a BlackRock research note.
A study conducted by Center for Retirement Research at Boston College suggests the gap can be as wide as $6.6 trillion.
In a survey, Employee Benefit Research Institute (EBRI) has found that less than 60% of workers save toward retirement, and 57% of those surveyed have less than $25,000 in total savings and investments, while 28% have less than $1,000.
Only 50% of investors understand how much they will need in retirement, according to BlackRock’s Investor Pulse survey. [BlackRock - Retirement in 2014: It’s Your Number that Counts]
“You need to take control of your finances — people have to look more closely at how much they actually need in retirement,” Fink said in a Financial News article.
Financial advisors interested in attending the annual virtual summit on January 15 can register at ETF Virtual Summit registration.
The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.