Seven in 10 people age 45 and older in the US and UK said they have at least some concerns about having enough money in retirement, according to a press release on the survey. One third of US and UK respondents said they are extremely or very concerned.
Meanwhile, a whopping 91% of boomers in Japan reported having at least some concerns about finances in retirement, and 60% said they are extremely or very concerned, the release said.
The survey indicated boomers are looking to guaranteed sources of income in retirement to address their worries. More than three-fourths (76.5%) of Japanese survey respondents said a source of guaranteed income in retirement is extremely or very important, as did 57.7% of US and 47.1% of UK respondents.
Other key findings of the survey included:
- One in four respondents from the US and UK said they are afraid they will lack the resources to retire as comfortably as their parents. In Japan, 44.3% report being afraid they will not have the resources to retire as comfortably as their parents.
- Three in four Japanese say they are less than confident that all of their sources of retirement income combined will be sufficient, compared to 45.4% in the UK and 28.1% in the US.
- 40.1% of respondents in Japan, 36.4% in the UK and 34.3% in the US reported that fears of running out of money in retirement would prompt them to work longer and delay retirement, or work part time during retirement.
- 52.7% of US respondents ranked social security as the most important or second most important source of retirement income, yet half of all respondents (50.5%) doubt it would provide sufficient income to maintain their standard of living in retirement.
The survey was conducted by Opinauri through the Internet and polled 750 people in the US and the UK and 1,040 in Japan. More information is at www.thehartford.com .