NEW HAVEN, Conn. (WTNH) — Retirement may seem far off but it’s never early to start saving. Chuck Cumello, president and CEO of Essex Financial stopped by the station to explain how to make it easier.
Essex Financial, a financial planning and wealth management firm with more than $3.3 billion in assets under management or administration, today released the findings of a new survey of Connecticut residents to gauge their sentiments and preparedness around retirement income planning.
“Whether you’ve just started saving or you’re already starting this next phase of your life, proper planning is crucial to being financially ready to face the expected and unexpected in your retirement.”
The survey, which polled Connecticut residents with at least $250,000 in assets, not including their primary home, found that more than half (58%) of respondents do not believe, or are unsure, that social security will be an available resource for their retirement income plans.
Furthermore, the survey results also point to rising healthcare costs as a prominent concern among those planning for retirement. To this end, more than one-in-three respondents (37%) note that their greatest fear when thinking about their retirement savings is the cost of medical and long-term care, followed by not having enough in savings to maintain their lifestyle and outliving their savings (each 27%). Only one-in-ten respondents cite tapping into their retirement savings as their primary planning concern.