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Most Americans Worried About Retirement Costs but
Not Preparing
 March 19, 2006 Several recent surveys are
pointing to a certain crisis for America as the cost of retirement and
health care spirals upward and the financial ability of senior citizens
to cope with these costs is inadequate. One survey released this month
found more than half of all Americans are worried about their retirement
security, yet, 29 percent did not save a dollar last year in
preparation.
(See sidebar for other recent information, see charts below this story.)
The Financial Services Forum announced the results
of the 2006 Financial Services Forum National Retirement Survey earlier
this month. The poll was conducted at the end of February.
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The poll shows that Americans are worried about
retirement for good reason:
Nearly a third of Americans saved nothing for
retirement last year.
One out of four Americans in their peak earning years, and nearing
retirement (age 50-65), saved nothing for retirement in the last year.
The results of this survey show us that for a
comfortable retirement, Americans are going to need to become far more
serious about their retirement savings, said Forum CEO Don Evans.
The poll also indicates that those that are saving
are putting away far too little:
Nearly three out of five younger Americans (35-49) saved less than
$10,000 for retirement last year too little to sustain an average
middle-class lifestyle in retirement.
The survey also found that younger workers plan to
rely far less on Social Security and far more on personal savings
through tax-advantaged savings vehicles such as 401Ks and IRAs:
More than half of Americans under 50 think
Social Security will provide only a minor source of income, compared to
60 percent of Americans age 65 or older who rate Social Security a major
source of retirement income.
65 percent of the youngest Americans (18-34), see 401Ks and IRA as
providing a major source of income in retirement.
Evans presented the survey on March 2 at the
National Summit on Retirement Savings.
Poll conducted by RT Strategies February 23-26,
2006. N = 1,000 adults nationwide, Margin of Error: + 3.1%
|
Please
tell me how worried you are about NOT having enough money for
retirement, based on your current financial situation? |
|
|
All
Adults |
18-34 |
35-49 |
50-64 |
65+ |
|
Total Worried |
52% |
51% |
61% |
51% |
39% |
|
Total Not Worried |
47% |
48% |
38% |
47% |
59% |
|
Very Worried |
21% |
23% |
26% |
23% |
9% |
|
Moderately Worried |
31% |
29% |
35% |
29% |
31% |
|
Not too Worried |
24% |
26% |
25% |
25% |
19% |
|
Not worried at all |
23% |
22% |
13% |
22% |
39% |
|
Not sure |
1% |
1% |
1% |
1% |
2% |
|
How much
do you expect to rely on each of the following as a major source
of income in retirement? |
|
|
All
Adults |
18-34 |
35-49 |
50-64 |
65+ |
|
Social Security |
38% |
24% |
29% |
44% |
60% |
|
IRA &/or 401K |
48% |
65% |
57% |
41% |
23% |
|
Pension |
35% |
29% |
37% |
37% |
38% |
|
Stocks & Mutual
Funds |
34% |
42% |
33% |
27% |
33% |
|
How much
money did you save last year for retirement - including such
savings plans as IRAs and 401Ks? |
|
|
All
Adults |
18-34 |
35-49 |
50-64 |
65+ |
|
$0
|
29% |
28% |
20% |
26% |
45% |
|
$1-$1,000 |
5% |
5% |
7% |
5% |
4% |
|
$1001-$5,000 |
15% |
23% |
17% |
12% |
3% |
|
$5,001-$10,000 |
9% |
13% |
13% |
8% |
1% |
|
$10,001-$15,000 |
3% |
2% |
6% |
4% |
1% |
|
$15,001-$25,000 |
4% |
1% |
7% |
4% |
4% |
|
$25,001-$50,000 |
3% |
1% |
4% |
6% |
1% |
|
$50,001-$100,000 |
1% |
1% |
2% |
1% |
1% |
|
$100,001-$150,000 |
0% |
0% |
0% |
1% |
0% |
|
$150,001+ |
2% |
1% |
2% |
1% |
3% |
|
One million or
more |
0% |
0% |
0% |
0% |
0% |
|
Not sure/ Refused |
29% |
24% |
23% |
33% |
37% |
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