In addition the survey found, among those nearing retirement (aged 55 or older), 41% do not know how big their nest egg will need to be to support them when they retire, a news release said.
Perhaps as a result of this lack of knowledge, A.G. Edwards said in the release, 69% of survey respondents who plan to retire are concerned about their ability to live comfortably in retirement. Almost half (49%) of those already retired said the same thing.
When asked to identify the biggest obstacles to starting or building a nest egg, respondents, regardless of whether or not they are retired, identified:
- the cost of covering day-to-day living expenses (55%),
- too little income (48%),
- too much debt (28%),
- the cost of raising children (24%), and
- medical expenses (21%).
Reigning in current living expenses and debt ranked higher in priority for respondents than saving for retirement. Only 17% said increasing their pre-tax savings in an employer-sponsored retirement plan was a priority.
Harris Interactive fielded the online survey on behalf of A.G. Edwards between March 14 and March 16, 2006, among a nationwide sample of 2,182 US adults 18 years of age or older, of whom 1,013 are not retired but plan to retire, and 406 are retired.
For a more detailed description of the A.G. Edwards Nest Egg Score and a list of the factors used to calculate it, visit www.nesteggscore.com .