Countless studies have demonstrated that individuals who diligently plan for their retirement are better off financially, and feel more confident about their retirement prospects, than those who don't. As the saying goes, "people don't plan to fail; they fail to plan."
So a key finding of a new study from Hearts & Wallets LLC should come as little surprise: That Americans who establish target goals, a key component of planning, save nearly two-thirds as much as those without goals — $4,619 in mean savings dollars as compared to $2,764.
The survey, which polled 5,400 households, also reveals that goals that inspire the highest levels of savings are: (1) "stop work all together" with more than $6,500 mean savings dollars; and (2) "pay for someone else's college" with more than $6,000 mean savings dollars.
