Unemployment (32%) and health care costs (25%) were also key factors cited as affecting respondents’ ability to contribute to their retirement plans, according to a press release.
Of the 35% that said they have reduced their retirement plan contributions, 14% have cut their contributions back by 5% to 20%, and 6% have reduced their contributions by 21% or more. Sixty-three percent indicated they have stopped contributing completely.
Nearly one in four respondents (22%) ages 35 to 44 years indicated that they have stopped or reduced their retirement plan contributions – more than any other age group, the press release said.
Only about half (54%) of Americans polled say they are currently invested in a retirement plan. Thirty-four percent of respondents say they currently have less than $50,000 in investable assets. Only 21% of those polled indicated they have $50,000 or more in investable assets.
When asked if they plan to personally contribute more to their future retirement given the potential changes in Social Security nearly half (43%) answered yes.
The survey findings are based on a telephone survey conducted among a national probability sample of 1,005 adults comprising 502 men and 503 women, 18 years of age and older, living in private households in the continental United States.