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Aging Americans Unsure They Can Afford to Retire

Reuters, 3/12/08

Abstract:

A third of Americans 50 and over are not confident they will have enough money to retire, and more than two-thirds expect to keep working well into old age, according to a survey published Wednesday.

The report, commissioned by retirement services firm SecurePath by Transamerica, suggests the surge in companies offering defined-contribution 401(k) plans has not displaced Social Security as the ultimate safety net for retirees. Sixty-one percent said the program would provide them with their main source of income in retirement...

...Encouragingly, 65 percent of respondents said they feel in control of their life in retirement, and seven in 10 said they were well-equipped to handle the uncertainties associated with big life transitions like leaving the workforce.

Yet this confidence comes at a cost.

"Seven in 10 workers aged 50 and older have already faced a period of financial difficulty that shook their confidence and created stress," the study found.

The survey also uncovered a general aversion to risk among the broader population, although respondents' appetite for taking chances varied depending on their circumstances and personalities.

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