Benefits March 20, 2007

Survey: Middle-Income Americans May Fall Short in Retirement

March 20, 2007 (PLANSPONSOR.com) - Thirty-four percent of Americans polled said the greatest barrier to saving for retirement is not having enough money to save and invest, while 17% cited paying off debt as a barrier, according to a survey by COUNTRY Insurance & Financial Services.
Reported by

The survey of more than 3,000 households also found that nearly half of respondents said those earning a mid-range income cannot save enough for a comfortable retirement living, while 37% said it is possible.

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Those feelings differ between men and women, with women leaning to the more pessimistic side. Nearly seven in 10 women said it does not look good for middle-income Americans in retirement, where only five in ten men said the same.

The survey results show a disparity between what respondents say they should be doing, and what they actually do. Seventy-four percent said people should start saving for retirement before age 30; however, 62% of the same respondents waited until after age 30 to save or have not yet started saving for retirement.

For the full results of the survey go here .

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