Worries About Retirement Spread
More Americans are worried about having enough saved for retirement, according to the Pew Research Center. The center surveyed more than 2,500 adults and found a 13-percentage-point increase in the number of adults who say they are “not too” or “not at all” confident about having enough income and assets in retirement. The latest survey found that 38% of Americans have these worries, versus 25% in February and March of 2009.
The increase in fear appears to be an extension of a longer-term trend. In their report, Pew researchers cited a Gallup study that showed the percentage of adults fearful of not having enough money to live comfortably in retirement rose from 32% in 2002 to 66% last year. Gallup also found a 12-percentage-point increase (54% to 66%) among those who worry about not having enough money to retire.
Concerns about retirement are most prevalent among those with less education and income, according to Pew. Only 53% of those holding a high school diploma or having a lower educational achievement were confident about their retirement finances, versus 71% of college graduates. Similarly, confidence was lower among those with annual household incomes below $50,000 (51%) than those with annual household incomes above $100,000 (79%).
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