Majority of Americans worried about retirement - plan to work longer
Filed under: Retire, Saving Money, Economizer
This week is National Retirement Week, which is a good thing since it is a topic weighing heavily on our minds. According to a recent survey by MoneyRates and GetRichSlowly, 52% of respondents didn't feel on track with their retirement. It's no wonder so many people are concerned about their retirement savings, since the Sun Financial Unretirement Index found that nearly two-thirds of Americans will delay retirement one year -- with 27% of those individuals delaying retirement by 5 years!The most popular reason given for entering "unretirement" was to "to earn enough money to live well," a change from last year's top reason of, "staying mentally engaged," which is in second place this year. These changes are explained in part by the general pessimism of American workers, such as findings that:
- 58% of workers under 60 don't believe Social Security will be available to them upon retirement.
- 42% aren't confident about Social Security Benefits.
- 41% don't feel confident about prescription drug benefits.
- 38% are not confident in Medicare benefits.
Here's the breakdown of where Americans have reduced their spending.
- 80% are spending less on entertainment
- 78% are eating out less
- 60% are cutting back on holiday shopping
- 58% are putting off a large purchase, like a car or home improvement
- 39% delayed a routine or elective medical procedure
With that in mind, in celebration of National Retirement Week, Get Rich Slowly is running a 13-part series dedicated to addressing the common questions people have about saving for retirement. Examples include common questions such as; saving for retirement or paying off debt, buying a house or building a nest egg and a saving for retirement podcast.
For more information on retirement, including how to plan for living longer, be sure to check out WalletPop's retirement resources.



Reader Comments (Page 1 of 1)
10-22-2009 @ 4:13PM
Barbara Thomas said...
Medicare A & B will cover your prescriptions in the hospital AS LONG AS THEY ARE NOT CODED AS SELF ADMINISTERED PRESCRIPTIONS--which are the drugs you take at home on a daily basis and you CANNOT bring them into the hospotal with you. United Healthcare prescription plan with AARP will not cover those prescptions which are coded that way EVEN THOUGH you have been getting them through their medical insurance. This is totally NOT addressed in the United Healthcare booklet you will get as it is time to renew, change, or delete your coverage with them. I got a $300 bill I have to pay after a 12 hour emergency visit to my local hospital. Think if the bill a person could get after a 2-3 week stay. It is a crime they don't tell the piblic this. Be aware!
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11-08-2009 @ 1:09PM
Tim Rosen said...
So true, and still a large percentage of Boomers , according to a survey by USA Today say they are either hoping to win the lottery, or receive an inheritance.
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