More than half of Americans expect to work after age 65 (56%) or their retirement (54%) – whichever comes first. That’s the bottom line on the latest Transamerica Retirement Survey. According to this nationwide study of 3,600+ workers, less than two in five respondents (39%) believe they have enough savings for financial security in their “golden years.”The study also found that:
Nearly half of workers surveyed (47%) are relying on guesswork to estimate how large a nest egg they’ll need.
Almost three in five (57%) have created a financial plan for their retirement – and among these respondents less than one in eight (12%) have a written plan.
Among those who do have a plan, fewer than one in eight (15%) have considered the financial impact of having to retire sooner than expected, or failing to maintain adequate savings.
Fewer than half (44%) will depend on savings plans and/or their401-k account.
According to a survey by Wider Opportunities for Women of the nearly 20 million Americans 65 or older who live alone or with a spouse, about 47% (some nine million people) can’t afford to meet their daily needs for food and health care. Although there was a significant gap between seniors’ income and living expenses throughout the nation, the difference was wider in heavily urban states such as California.
How well are you prepared to ensure your financial security after you’ve retired? Our financial services professionals would be happy to tailor a plan that will fit your needs – and pocketbook.
