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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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Discussion

William Foster from Washington posted about 1 year ago:

I am newly retired. I have sufficient. I believe that I should be able to make it through the nest 30 years okay as long as inflation remains moderate. All bets are off if the nation goes into hyperinflation. Of course Then all fixed income and really all people would be in dire straits. To mitigate this; I have invested a small percentage of my funds in gold and silver held in my possession.Further my home has been paid for for several years before I retired; and I have no debt.


Erick Jones from Alabama posted about 1 year ago:

As a 41 year old, My worry for my generation is a good news bad news issue. I suspect medical advances will push our average life span significantly higher than current predictions. Good news. We aren't saving enough for even a normal retirement lifespan. Bad news.
If I could by an annuity today that kicked in 30 years from now, I'd love to. However, any financial services firm that offered it to me, I'd question their longevity.
My advice to everyone I know, save so much more than you think you'll need. Things like iPads....were current retires saving for such items 20 years ago? Then I ask, what should we be saving for today that hasn't even been dreamed of yet?


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