Americans are worried and wary about retiring at the age of 65, according to a poll by Pentegra Retirement Services.
Almost one-third of adults who would like to retire do not know if they could and further do not believe they would ever be able to retire, with women more unsure than men, the survey results show.
The online poll conducted by Harris Interactive on behalf of Pentegra surveyed 2,397 adults in the U.S. aged 18 and older. Among the group, 1,927 adults had not yet retired.
Nineteen percent of the population which has not yet retired say they were positive about
Young adults, aged 18 to 34 years, said they will need only up to $500,000 to retire, compared to adults in the age group of 35 to 54 years who believe funds more than $1 million are required for retirement.
These expectations from young adults are “unrealistic” says Rich Rausser, Senior Vice-President of Client Services at Pentegra.
“Younger adults new in the job market are likely making a lower salary and basing their retirement thinking on where they are now in their life, but they need to realize that their cost of living and expenses later on will be significantly different,” Rausser says.
However, more adults are now thinking about saving for retirement. A majority of the adults, 92%, feel some part of the paycheck needs to go for retirement planning. Around 14% was on average the estimated contribution for retirement the survey shows.
Retirement planning with
Pentegra Retirement Services, which was founded by the Federal Home Loan Bank System in 1943, is a leading provider of retirement plan solutions to organizations nationwide.
Madhura Karnik writes for