E*TRADE Financial Corporation has announced results from the most recent wave of its quarterly self-directed online investor tracking study.
- 89% age 55-64 believe retirement is real and they will one day not need to work and be able to live comfortably.
- 81% of the total population believes they will retire between the age of 55 and 74 — only 5% believe they will never retire.
- 63% age 55-64 believe they won’t need to work at all in retirement.
Lena Haas, SVP, Retirement, Investing and Saving at E*TRADE Financial, said: "At first look this level of confidence may seem surprising. But it’s important to remember that these are self-directed investors, and they are all about doing their homework, validating their thinking with professionals when they have a question, and executing a plan. Confidence is a direct result of this process — it’s about knowing that the steps you take today will set you up for tomorrow."
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Several data points also suggest that a successful strategy for these investors is simple yet disciplined: start early, use an online tool, make automatic contributions and don’t tap the well early.
- 47% age 65+ wish they started to save earlier for retirement.
- 81% have never taken out money from an IRA or 401(k) before the age of 59.5.
- 55% of the total population recommends online tools that help determine monthly contributions, followed by talking with a professional (43 percent), attending in-person seminars (25 percent) and watching online tutorials (23 percent).
- 63% of the total population believes automated contributions are better than periodically deciding how much you want to invest (37%).
Haas added: "Discipline in investing is the best advice. What is striking is that while professional advice continues to be relevant, online tools are leading the pack on what’s most helpful. This is a critical trend.
"While many investors will always value professional advice, investors are less willing to cede complete control to professionals and instead want more control and insight into their investments — even if they want their plan managed by someone else. And today investors have the tools and technology to do just that. When it comes to saving for retirement we are in a different world than we were a decade ago."
E*TRADE is a partner in helping investors balance today’s needs with tomorrow’s goals, through access to curated content and insights with actionable tools — complemented by unbiased guidance — online and from seasoned financial consultants. To learn more about retirement planning, visit etrade.com/retirement.
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By GlobalDataE*TRADE will host its third annual National Retirement Education Day on March 13, 2014. The day offers a number of events, all of which are free for any investor looking for guidance in achieving their financial goals. Visit E*TRADE’s Retirement Day section on etrade.com for registration details and a full schedule of events.
