Are You Ready For Retirement?

Gallup finds that many people are worried about their ability to retire

Americans are concerned about retirement. Many feel that they are unable to count on their 401K accounts and they’re worried about whether or not they’ll have enough money to retire. This, even as the retirement age has been steadily creeping up.

More than half of Americans, 59 percent, are worried about having enough money for retirement according to the results of Gallup’s annual Economy and Personal Finance poll conducted in April 2014. This surpassed those concerned about having enough money to pay unexpected medical costs (53 percent), being able to maintain their standard of living (48 percent), paying off debt (40 percent), paying for regular healthcare (39 percent), paying their normal monthly expenses (36 percent) , and paying for their children’s college education (35 percent). Gallup notes that the majority of Americans have said they were “very” or “moderately” worried about retirement savings every year since 2001.

Gallup’s Economy and Personal Finance poll also found that the retirement age is creeping up. Retired respondents report retiring at age 62 which is the highest that Gallup has found since they began asking Americans this question in 1991. Gallup notes that this age has increased over the last few years, while the average age at which non-retired people expect to retire, 66, has remained about the same. According to the Poll results the majority of all age groups expect to retire at age 65 or older.

In another survey conducted in April, Gallup found that 48 percent of Americans plan to rely on a 401(k) account when they retire. Gallup notes that prior to the Great Recession, most Americans said they planned to rely on a 401(k), IRA, Keogh or other retirement plan when they retired. They also mentioned that since the recession, more non-retired persons have expected Social Security to be a major source of income during retirement.

For details visit Gallup Economy.