Most of us hope to save diligently and build a large nest egg for our retirement years. We may have different reasons for wanting to accumulate $1 million — or more.
But 46% of folks who are already in retirement say the primary purpose of money is a simple one: to provide security in the face of unexpected events, according to Edward Jones’ study “The Four Pillars of the New Retirement.”
The belief that money can protect against the unexpected edged out the No. 2 most cited reason — that money offers the freedom to live how you want to live, a view held by 45% of respondents.
Way down the list is a third reason — to be able to buy or experience nice things, a sentiment shared by just 6% of respondents.
While “security” and “freedom” finished neck and neck among reasons to have money in retirement, there was a wide split between women and men on the topic. Women are far more focused on security, with 54% choosing that compared with just 37% of men.
By contrast, 53% of men focus on freedom, while just 37% of women do.
How to build a big nest egg
Some people love to spend their free time learning more about saving and investing. Others would rather do just about anything else.
If you are in the latter camp — or simply find financial matters to be confusing and overwhelming — working with a good financial adviser can greatly improve your odds of accumulating wealth.
For more on investing the right way for retirement, check out a podcast from Money Talks News founder Stacy Johnson titled “How to Supersize Your Retirement Nest Egg.”
You can also read more in “6 Ways to Heap Up Savings Before You Retire.”