Benefits January 28, 2013

Many Unprepared for Retirement, but Still Hopeful

January 28, 2013 (PLANSPONSOR.com) - There is a disconnect between the saving habits of some consumers and their rosy retirement forecasts, a poll found.
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According to a survey by the credit card comparison site CreditDonkey.com, 80% of respondents said they were not doing enough to save for retirement, 66% reported having no financial plan for retirement, and 60% said they live paycheck to paycheck. Still nearly half (45%) said they expected to somehow retire comfortably.   

“In the wake of the Great Recession, Americans are saving more and reducing debt, including credit card debt,” said CreditDonkey.com founder Charles Tran. “Despite the trend toward more frugal behavior, however, many people still aren’t saving enough to justify their expectation of a comfortable retirement. No doubt, many are simply hoping that the economy will rebound before it’s time for them to retire.”  

Other highlights of survey include:  

  • Just 23% of men and 15% of women said they feel they are doing enough to save for retirement;  
  • About one-third of men (36%) and women (32%) said they have a financial plan for retirement;  
  • Nearly half of men (48%) said they feel they would be able to retire comfortably, compared with just 40% of women; and 
  • About one-third of men (36%) and women (34%) felt Social Security should be privatized.  

 

From January 4 to January 8, CreditDonkey polled 1,109 Americans, ages 18 and older, for their views about credit cards, saving, retirement planning and other financial issues.   

More responses from the Credit and Saving Survey are here.

–Jill Cornfield

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