Benefits June 19, 2007

Americans Apprehensive About Retirement

June 19, 2007 (PLANSPONSOR.com) - Nearly one-third of American adults describe themselves as apprehensive, panicked, or clueless about their retirement, according to results of a survey conducted on behalf of the Securities Industry and Financial Markets Association (SIFMA).
Reported by

Investment Executive reports that a quarter of respondents on the verge of retirement (ages 55-64) acknowledged they have not done enough to prepare. However, discomfort about the prospect of retirement is higher for the 45-54 age group than it is for those younger or older – with 38% of respondents in this group expressing some level of apprehension or related concern about retirement.

The apprehension is not likely to decline as they get closer to retirement, as 30% of adults age 55-64 also described their emotional state regarding their financial preparation for retirement as uncomfortable.

Respondents who have consulted a financial professional were much more likely to say they are comfortable/confident about retirement than those who have not (78% vs. 58%), the news report said.

SIFMA found that the problem is not just that Americans do not or have not saved enough. Nearly 30% of respondents said they are focused on finding the money that could potentially be saved, while another third said they may have the money, but they do not know how to manage it. Thirty-four percent reported struggling with the challenges of getting started, of focusing on saving, or of finding the right kinds of help.

The survey is the result of a telephone poll of 1,000 respondents and was conducted May 29-31 by Artemis Strategy Group, according to Investment Executive.

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