October: National Retirement Security Month

October is National Retirement Security Month—a great reminder to pause and check in on your financial security. Retirement planning is more than just numbers; it is about preparing for your life’s unexpected turns, protecting your loved ones and giving yourself the confidence to make choices that align with your values.

Research shows individuals who plan early tend to experience greater financial well-being later in life. Still, many households underestimate what they will need—or put off saving until it feels too late ^[3]. Barriers such as financial illiteracy, present bias, and uncertainty about the future can lead to under-saving and added vulnerability ^[1]. The good news is that setting clear goals, improving financial literacy, and working with trusted advisors all improve outcomes.

When you know where you are headed and feel confident in your plan, your retirement readiness strengthens ^[2]. Even simple behavioral prompts—like pausing to imagine your future self—can help people make better saving and investing decisions, especially women and those with lower financial literacy ^[1]. Starting early also reduces the risk of financial stress, which often spills over into health and overall well-being later in life ^[4].

Policy leaders are also paying attention. In the UK, the government has revived the landmark Pensions Commission to examine the barriers preventing people from saving enough for retirement, with a final report expected in 2027 ^[6]. Meanwhile, the U.S. Government Accountability Office, highlights the rising debt among older Americans, who today carry more mortgage, credit-card, and even student-loan debt than previous generations, making it harder for them to enter retirement securely ^[7].

What does this mean for you? Retirement readiness is your responsibility; however, research shows it works best when government, employers, and financial professionals collaborate to create opportunities for saving and investing ^[2,5].  At Bryn Mawr Trust, our advisors are committed to guiding Clients through this journey with care and purpose. Whether you are just starting to save, mid-career, or preparing to retire, the right plan helps you stay resilient when life throws a curveball.

This October, take a pause and then, one intentional step—review your retirement plan, increase your contribution, or schedule a conversation. Building confidence today means more freedom and choice tomorrow.

[1] Bajtelsmit, V., & Coats, J. (2023). Designing behavioral prompts to improve saving decisions: Implications for retirement plans. Financial Planning Review, 6(2), e1163.

[2] Ghadwan, A. S., Ahmad, W. M. W., & Hanifa, M. H. (2023). Financial planning for retirement: The moderating role of government policy. SAGE Open, 13(2), 1–16.

[3] Lusardi, A., & Mitchell, O. S. (2011). Financial literacy and planning: Implications for retirement wellbeing (NBER Working Paper No. 17078). National Bureau of Economic Research. https://doi.org/10.3386/w17078

[4] Muda, S., Musman, M., Hussin, A. H., Idris, A. R., Kamarulzaman, M. H., Zainal Abidin, N. F., & Mohd Zaid, N. A. (2024). Relationship among financial literacy, attitude and retirement planning awareness: A PLS-SEM approach. Global Business and Management Research, 16(2s), 1032–1044.

[5] Mustafa, W. M. W., Islam, M. A., Asyraf, M., Hassan, M. S., Royhan, P., & Rahman, S. (2023). The effects of financial attitudes, financial literacy and health literacy on sustainable financial retirement planning: The moderating role of the financial advisor. Sustainability, 15(3), 2677.

[6] Government revives landmark Pensions Commission to confront retirement crisis that risks tomorrow’s pensioners being poorer than today’s. GOV.UK. (2025, July 21). Retrieved from https://www.gov.uk/government/news/government-revives-landmark-pensions-commission-to-confront-retirement-crisis-that-risks-tomorrows-pensioners-being-poorer-than-todays

[7] U.S. Government Accountability Office. Financial Security for Older Americans. (n.d.). Retrieved from https://www.gao.gov/financial-security-older-americans