If there is good news to come out of the current recession, it’s that people nationwide might have a renewed focus on proper retirement planning, according to a recent survey.
The survey conducted by Country Financial shows 51 percent of those familiar with their parents’ finances say they are thinking more seriously about their own retirement planning after watching the recession’s impact on their parents. About 71 percent of people believe they will experience a similar recession by the time they reach their parents’ age.
"The recession is a wake-up call for many Americans and their response is an appropriate one," says Keith Brannan, vice president of Financial Security Planning at Country Financial. "By preparing for and navigating an economic downturn with smart planning, they are more likely to take the actions needed to achieve financial security no matter where they are starting from."
However, while Americans may have an increased focus on their finances, they are not necessarily upbeat when it comes to their golden years. Six in 10 think their financial situation in retirement will be the same or worse as their parents.
Overall, four in 10 people nationwide said it is very or somewhat likely they will have to help their retired parents financially.





