Amid blinding economic sandstorm, just two-fifths of investors have a retirement target

investmentnews.com:

A recent survey by Nationwide reveals that economic uncertainty has significantly impacted American investors’ retirement expectations, with many altering or abandoning their retirement savings targets.

The findings come from Nationwide’s annual Advisor Authority survey which examines the financial outlook and planning strategies of US investors.

According to the survey, over the past five years, 61 percent of investors have shifted their retirement expectations considerably in the face of fluctuating economic conditions. That has left only 38 percent of respondents with a set retirement savings target, a stark indicator of the growing apprehension among investors about their financial future.

“Americans believe they will need over $1 million to retire comfortably – a figure that could be discouraging for even the most committed retirement savers,” Rona Guymon, senior vice president of annuity distribution at Nationwide, said in a statement.

While everyone might have a “magic number” to shoot for depending on spending habits, debt levels, health, and other factors, Guymon advocates for holistic financial planning as a more reliable approach to a comfortable retirement.

The survey also highlighted that investors are increasingly concerned about affording basic needs in their retirement years. Among those aged 55 and older, an 83 percent majority said they are worried about covering fundamental living expenses, while 58 percent are anxious about healthcare costs, and 39 percent about supplemental health insurance.

The thought of a US economic recession is casting a psychological pall over three-quarters of investors, including 81 percent of non-retired 18- to 54-year-olds.

That has caused nearly a third of non-retired