Based in Durango, Colorado, Jeff Speicher leads the Speicher Financial Group and provides knowledgeable advice on asset allocation strategies. Working closely with clients looking toward retirement, Jeff Speicher strives to preserve and maximize wealth within an evolving economic landscape.
A recent Charles Schwab survey spanned 1,000 401(k) participants who are employed. Asked how much they would need to save for a comfortable retirement, the average respondent answered $1.9 million, which represents a 12 percent year-on-year increase. This number differed with age, with Baby Boomers on average selecting $1.6 million, while those in Gen X and Millennial generations expecting to need $2 million.
Of the respondents, just over one-third felt that they were "very likely” to reach their objectives, while slightly less than half thought this was "somewhat likely.” One person in five was planning to postpone retirement due to the pandemic-related downturn, while 40 percent made changes in their 401(k) plan. For 15 percent this meant portfolio rebalancing, while contributions increased for 12 percent of respondents. In terms of equity and stock fund exposure, strategies were mixed, with seven percent reducing exposure and eight percent increasing exposure.
A recent Charles Schwab survey spanned 1,000 401(k) participants who are employed. Asked how much they would need to save for a comfortable retirement, the average respondent answered $1.9 million, which represents a 12 percent year-on-year increase. This number differed with age, with Baby Boomers on average selecting $1.6 million, while those in Gen X and Millennial generations expecting to need $2 million.
Of the respondents, just over one-third felt that they were "very likely” to reach their objectives, while slightly less than half thought this was "somewhat likely.” One person in five was planning to postpone retirement due to the pandemic-related downturn, while 40 percent made changes in their 401(k) plan. For 15 percent this meant portfolio rebalancing, while contributions increased for 12 percent of respondents. In terms of equity and stock fund exposure, strategies were mixed, with seven percent reducing exposure and eight percent increasing exposure.
