More than three-quarters of Generation X and Baby Boomers strongly agree (38%) or somewhat agree (39%) that they need to save more to afford the retirement they want.
An Ipsos/USA Today poll of 1,205 adults ages 45 to 65 from the continental U.S., Alaska and Hawaii, found 68% have personal savings for retirement, 40% invest in stocks, 39% have a pension, 19% have annuities, 19% have bonds, and 13% hold securities. More than half (52%) of respondents said they contribute to a 401(k) plan, while 42% contribute to an individual retirement account (IRA), 14% contribute to a health savings account (HSA), and 10% contribute to a 403(b).
When asked how they intend to fund their retirement, 12% said they will almost entirely rely on Social Security, and 30% said they will mostly rely on Social Security. Forty-two percent said they will mostly rely on their own savings or benefits, and 17% said they will almost entirely rely on their own savings and benefits.
The majority of respondents expect to retire at age 70 or before; 17% at 60 or under, 26% at ages 61 to 65 and 22% at ages 66 to 70. Only 7% said they do not plan to retire. Only 17% feel very prepared for retirement, while 42% feel somewhat prepared. Nineteen percent feel somewhat unprepared, and 22% feel very unprepared.
Similarly, only 15% feel very confident they will have enough money to last through retirement, and 40% feel somewhat confident. Twenty-three percent feel not very confident, and 22% feel not confident at all. Seventy-eight percent strongly or somewhat agree that they will cut back on spending in retirement. Seventy-two percent somewhat or strongly disagree that their families will help support their retirement. NEXT: How much have they saved?