Fifty-eight percent of Americans believe the U.S. is in a retirement crisis, according to data from Morning Consult for Prudential Financial. But how real is that feeling? Should Americans feel more secure in retirement than they currently do?

David Blanchett, Managing Director, Portfolio Manager and Head of Retirement Research at PGIM DC Solutions, joins Wealth! to analyze Americans’ feelings about retirement and provide insights into how to approach it.

Blanchett is convinced: “I think the problem is that the word crisis means different things to different people. Some people think that if an American is not doing well, it is a crisis. But if you look at surveys of retirees, indicators of general economic well-being, retirees are actually doing pretty well. We have a pretty robust pension system, Social Security. So I don’t think we have a crisis.”

To best prepare for retirement, Blanchett says, “I think it’s important to invest in a professionally managed, diversified portfolio. If you’re participating in a 401(k) plan, that would be a target fund. I think beyond that, it’s really the savings rates that are going to determine your retirement. So save at least 15% if you can, or more, and try to save as much as you can as you get older.”

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This article was written by Nicolas Jacobino