By Ryan Stuart
October offers more than cooler weather, changing leaves and Halloween. It’s also National Retirement Security Month. Retirement planning is always an important topic, and according to a recent survey by the Iowa Insurance Division, approximately 49% of Iowans feel they are neither adequately planning nor financially prepared for their retirement.
Looking at finances together
The results from this survey reflect recent data from the Federal Reserve. In its report on the “Economic Well-Being of U.S. Households in 2022,” the Federal Reserve highlights a mixed bag of results when it comes to retirement security in the United States, said Ryan Stuart, a human sciences specialist with Iowa State University Extension and Outreach.
The report describes higher levels of financial well-being for retirees overall; however, this isn’t always the case for everyone, said Stuart, who is also an accredited financial counselor specializing in retirement education and employee benefits.
“There are disparities when it comes to age, race, ethnicity and income – in addition to the impact from significant life events. The report states that 30% of individuals retired due to a health problem, 17% retired due to a caregiving situation, and 10% were forced to retire or could not find work. This is consistent with some of the issues I typically hear from the public,” said Stuart.
“On a positive note, the news from these reports isn’t all bad, and fall is a great time to review your retirement finances,” Stuart said.
Many employers hold open enrollment for benefits around this time, and a variety of government agencies release tax inflation and cost-of-living adjustments for the upcoming calendar year. Plenty of free retirement education tools and resources are available at the federal and state levels to help you with your retirement planning decisions, Stuart noted, including the following:
