So how do Americans really feel about retirement saving and investing?
According to a new Franklin Templeton Investments survey, 73% of respondents report they find thinking about retirement saving and investing causes them stress and anxiety.
And retirement stress is only on the rise, the 2013 Franklin Templeton Retirement Income Strategies and Expectations survey reveals. Over a third, or 37%, of respondents say they are
But survey respondents’ solutions to insufficient income in retirement are troublesome. To resolve such a situation, 62% of respondents say they would delay retirement, and 45% that they would increase sources of income, i.e. work part-time. Also, 74% of pre-retirees anticipates taking Social Security benefits at their “full” retirement age (ages 66 or 67) or later.
However, given that one-third of current retirees reported they were forced to retire due to circumstances beyond their control, such as health issues and company downsizing, working longer may not be a realistic option. Also, 63% of current retirees were forced to
Contrary to expectation, older adults also lack in savings: 68% of adults aged 45 to 54 and half of those aged 55 to 64 have $100,000 or less in retirement savings.
In addition, 47% of respondents lack confidence in their knowledge of how much of their current income will be replaced by Social Security. A comparable number, 44%, are similarly unsure concerning their
Meanwhile, 58% of investors who have
Survey respondents reported that the topic of highest concern for them was
Irene Park writes for