A new poll of 2,508 adults conducted by the Pew Research Center has found an increasing amount of anxiety over retirement savings but a shift in which Americans are expressing the most concern. In 2009, baby boomers were the most worried about funding their retirement but now adults in their late 30s and 40s are the least confident in their income and savings. Among adults between the ages of 36 and 40, more than half say they are not confident their assets will last through retirement, while only 34 percent of people ages 60 to 64 said the same. Overall, the number of Americans who express anxiety about financing their retirement has risen since 2009. According to Pew, the share of adults who aren’t confident in their ability to afford a comfortable retirement has risen from 25 percent in 2009 to 38 percent in the latest poll. More here.
The Employee Benefit Research Institute’s annual retirement confidence survey finds Americans once again expressing concern about their ability to afford retirement. Among respondents, only 14 percent say they are very confident they’ll have enough money to live comfortably in retirement. Medical expenses and long-term care costs remain among their chief concerns, ranking far below their confidence in their ability to pay basic expenses. And though current retirees express a higher level of confidence than current workers, retirees also say they are significantly more reliant on social security as a major source of income than workers expect to be. Also in the report, the number of workers who said they expect to retire after age 65 has risen to 37 percent, up from 11 percent in 1991. And 60 percent of workers say the total amount of their household’s savings and investments, excluding the value of their primary home, is less than $25,000. More here.
A survey from the National Journal found significant differences in the attitudes and expectations of retirees and those who are nearing retirement age. The survey, which polled 1,200 adults, found that those still working expect to retire six years later than the age at which currently retired Americans stopped working. The findings suggest that the most recent recession has created uncertainty for Americans approaching retirement that previous retirees did not experience. For example, 68 percent of near-retirees expect to work after they retire and nearly half say it’ll be out of necessity. Among the currently retired, however, only 11 percent report working during their retirement. Also in the survey, 23 percent of the currently retired said their biggest concern is outliving their money followed by health-care expenses. Among near-retirees, health-care expenses were the top concern and just 15 percent said they were concerned about outliving their money. More here.
A recent survey found that, among people ages 65 and older, 83 percent said they have no plans to stop driving and 36 percent said they had never thought about it. Developed by Florida State University and the Florida Department of Transportation, the survey addresses the need for seniors to have a plan if, and when, they are no longer able to drive, as well as the risk of accidents among elderly drivers. When asked how they’d get around if they were no longer able to drive, 40 percent of respondents said they’d rely on family and friends, while 26 percent said they’d walk and 15 percent felt there was no other alternative to driving. Though the survey focused on Floridians, the issue is of concern nationwide as the number of American seniors increases. More here.
According to a survey of millionaire baby boomers by U.S. Trust, just 49 percent said it was important that they leave money to their children when they die. More than half of the respondents said they haven’t told their children what they’re worth and one in five said they feared their children would waste the money. One quarter of participants said they worried their children would become lazy. For baby boomers with longer life expectancies than previous generations, having enough money to last through retirement is a concern. But boomers also cited the financial assistance they’ve given their children throughout their lives and a desire to indulge themselves after a lifetime of financial sacrifices and demanding careers. More here.