Funding their retirement years is perhaps the single biggest financial challenge most Americans face. But it’s not the only challenge. In addition to trying to save for retirement and other long-term goals, individuals also must strive to manage day-to-day finances and protect against key financial risks. It would be ideal for people to work toward all three goals simultaneously.
In the real world, of course, most people don’t have enough money to meet all their financial goals simultaneously and must make ongoing trade-offs that balance their needs and resources. To address these goals, we bring together PGIM’s retirement income pillars, investment capabilities, and financial wellness expertise.
*About the census Prudential launched the Financial Wellness Census in 2018 to capture and analyze the financial experience of Americans, including their objective financial health—what they earn, own and owe—as well as their subjective sense of their own financial well-being. In each wave, we surveyed more than 3,000 U.S. adults representing three generations—millennials, Generation X and baby boomers—in October 2017, December 2019, and again in May 2020 in the throes of the COVID-19 pandemic.
PGIM RETIREWELL FRAMEWORK FOR INDIVIDUALS
- Build a Strong Foundation
- Protect Against Income and Expense Shocks
- Plan for Your Future
- Secure your Future
- Enjoy your Retirement
- Create a budget
- Pay bills regularly and maintain a good credit history
- Create a will
You should consult with your attorney, accountant, and/or tax professional for advice concerning your particular situation.
- Maintain healthcare insurance
- Enroll in disability insurance
- Purchase adequate life insurance
- Set up emergency savings
- Create a debt reduction plan
- Save and invest in your employer's retirement savings plan
- Take advantage of your employer's match
- Take advantage of your employer's HSA/FSA savings plan
- Save and invest for short and mid-term goals
- How to review your retirement saving
- Create a plan to generate retirement income for life
- Consider guaranteed income investments
- Take advantage of available retirement income tools and strategies from your employer
- Ensure you have adequate protection
- Evaluate long term care options
- Create a legacy plan
- Implement a sustainable spending plan
- Maintain retirement income plan to help manage spend-down risks and outlive your savings
With the goal of helping American workers achieve their short-term and long-term goals, we offer a step-by-step framework that individuals can follow as they decide how to best manage their finances today while also planning for their future. Embedded in the framework are links to provide a few examples of the holistic educational content that is available to help individuals embark on each step and increase their overall financial literacy.
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