Surveys Find Americans Fret Over Retirement

 

Tuesday, Mar 10,2009, 1:27:03 PM   Click:

Copyright 2009 The Washington Times LLCAll Rights Reserved The Washington Times

Saturday 7 March 2009

SECTION: BUSINESS; A04

LENGTH: 403 words


TITLE: Polls are case Americans about retirement

Signature: By Andrea Tomer, The Washington Times



America's baby boomers are nervous and they are not alone.

Two recent surveys reveal not know how the Americans - and not just the elderly - are on their retirement accounts as the recession deepens.

A survey conducted by Harris Interactive last month revealed that four in 10 Americans believe the current economic situation will force them to delay retirement until 10 years later than planned, or that retirement is not an option at all.

Another survey, America Saves, published last month shows that the number of people saving for retirement has fallen by 52 per cent last year to 49 percent this year.

"The current economic roller coaster is queasy people about their retirement," said Arkadi Kuhlmann, president of ING Direct USA, the company that commissioned the Harris poll. "Consequently, more people believe that the lights their golden years are fading further into the sunset. "

Stephen Brobeck, director of the Consumer Federation of America, said: "Tens of millions of people who still have their jobs and have undergone little or no loss of retirement savings are concerned that the deepening recession eventually cost them their income ... or even their jobs "

The Harris poll reveals that 47 percent of Americans are completely unaware of how much money they will need in retirement and one in five are still depending on their social security benefits to be the main source of their retirement funds .

Sixty-five percent of Americans did not adjust their investments for retirement, despite the fact that the economic struggle has persisted over the last two years. In addition, a fifth of Americans contribute less to their retirement accounts than they were last year.

Of the more than 1000 participants in the America Saves survey, 77 percent of respondents were concerned about how the crisis has affected their finances. Fifty-one percent said they are saving for retirement through employer programs, four-point drop from last year.

Americans who believe they will pay their mortgage before retirement has fallen by 76 percent to 74 percent. The survey also reveals that Americans, who have no debt and ownership rose from 67 percent to 62 percent.

"It is now time to stop brushing the subject of retirement under the carpet and take matters into your own hands," said Kuhlmann. "Check your long-term financial goals and develop a responsible retirement plan that works for you."

LOAD-DATE: March 8 2009

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