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Retirement News
Americans Say a Secure Retirement Not Possible for
Middle Income Families
Only 37 percent in poll say it is possible for most
Americans
 March 20, 2007 - Nearly half of Americans do not
believe it's possible for middle-income families to save for a secure
retirement. Another 17 percent aren't sure. That leaves only 37 percent
believing middle-income families can save enough to live comfortably in
retirement, according to a new survey by Country Insurance & Financial
Services.
The findings include:
● Women see the retirement situation more gravely
than men. Nearly seven in ten women (69 percent) are pessimistic or
unsure about the retirement prospects of middle-income families. Only
five in ten men feel pessimistic or unsure.
● Americans don't take their own advice.
Three-quarters (74 percent) say people should start saving for
retirement before age 30. However, 62 percent of the same respondents
waited until after age 30 or haven't yet started saving for retirement.
● Two reasons keeping people from saving for
retirement. They indicate the biggest barriers are a lack of enough
money to save and invest (34 percent) and the need to pay off debts (17
percent).
"The good news is that Americans recognize the need
to begin saving for retirement at a young age. But it's troubling that
people aren't putting their advice into practice," says Keith Brannan,
director of the Financial Security Office at Country. "Saving for
retirement involves disciplined and consistent saving over time. It is
quite achievable if people have a thought-out plan in place."
|
Survey Highlights: |
|
Topics |
National |
Men |
Women |
|
Believe its not possible for mid-income family to save for
secure retirement |
47% |
41% |
51% |
|
Should begin preparing for retirement before 30 |
74% |
77% |
71% |
|
Did not begin preparing for retirement until after 30 or haven't
started |
62% |
58% |
65% |
Below are the main financial barriers to retirement
saving cited by respondents. Interestingly, senior citizens were the
least likely to cite to number on reason not enough money to save and
invest. The top choice for those 65 and older was "Other."
|
Main Financial
Barrier |
All Adults |
Male |
Female |
18-29 |
30-39 |
40-49 |
50-64 |
65+ |
|
Not enough income to save and
invest |
34% |
32% |
36% |
46% |
39% |
34% |
31% |
25% |
|
Need money to pay off debts |
17% |
18% |
16% |
22% |
23% |
18% |
15% |
9% |
|
Have to provide for children or
elderly parents |
10% |
10% |
11% |
10% |
17% |
15% |
8% |
5% |
|
Don't have a pension plan |
5% |
5% |
5% |
5% |
3% |
6% |
5% |
6% |
|
Can't afford medical expenses or
health insurance |
4% |
5% |
4% |
3% |
3% |
4% |
7% |
3% |
|
Have better things to do with my
money right now |
3% |
4% |
3% |
4% |
2% |
1% |
3% |
6% |
|
Other |
15% |
15% |
15% |
6% |
8% |
11% |
19% |
29% |
|
Not sure |
11% |
11% |
10% |
5% |
7% |
10% |
13% |
18% |
The Country retirement
survey is based on a national telephone survey of 3,000 Americans and is
compiled by Rasmussen Reports, LLC, an independent research firm. The
margin of sampling error for a survey based on this many interviews is
approximately +/- 3 percentage points with a 95 percent level of
confidence.
About Country
Country Insurance & Financial Services (http://www.Countryfinancial.com/)
serves about one million households and businesses throughout the United
States. It offers a full range of financial products and services from
auto, home and life insurance to retirement planning services,
investment management and annuities.
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