More and more Americans are worrying about their retirement savings. According to a new poll, only 60 percent of Americans feel that they will have enough assets and income to last through their retirement years. This percentage is 11 points higher than when the same question was asked in 2009.
Although confidence in retirement savings is not high in any age group, those over the age of 65 are the most likely to report that they are very or somewhat confident in their retirement savings. 68 percent of those over age 65 are somewhat or very confident in their ability to finance retirement, while 28 percent of individuals in this age group are not too or not at all confident that their assets and income will see them through retirement. In 2009, only 19 percent of those over age 65 reported being not too or not at all confident that their assets and income will be enough to cover retirement expenses. This nine-point increase was the lowest increase seen in any age group. Over the same time period, individuals age 55-64 experienced an increase from 26 to 39 percent in those worried about retirement.
Concerns over retirement savings have been steadily increasing over the past decade, even before the Great Recession hit. In 2002, 32 percent of respondents were worried that they would not have enough money to live comfortably in retirement. This number had increased to 43 percent in 2006 and 53 percent in 2011. The recession has accelerated the decline in confidence, especially among those who were not educated past high school and those with family incomes between $30,000 and $74,999.
Read the full report: More Americans Worry about Financing Retirement for more details on the findings.
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