If you've sensed increased concern about retirement income from your middle-aged clients, you're right, according to the results of a phone survey done for the American Association of Retired Persons (AARP) by International Communications Research in early- to mid-September. The 1,628 respondents were age 45 and up at the time and represented a national sample.
The survey was part of a study, "Retirement Security or Insecurity? The Experience of Workers Aged 45 and Older," which says:
- If the economy does not improve significantly, over six in 10 workers say it is likely they will spend less in retirement (69 percent) as well as delay retirement and work longer (65 percent). Far fewer (37 percent) say it is likely they will save more for retirement.
- Because of recent changes in the economy, during the past year, 24 percent of workers have increased the number of hours they work, and 20 percent have actually stopped putting money into a 401(k), IRA, or other retirement account, and 13 percent made premature withdrawals from their retirement plans.
- Over a quarter (28 percent) of respondents felt their savings were not on track for retirement before the economy slowed down, and nearly six in ten respondents (58 percent) think they are not saving enough for retirement.
- Among those who think they are not saving enough for retirement, the most common reason for not saving more is not having enough left over after paying bills (83 percent).
- Over six in ten respondents (63 percent) whose current employer does not offer a retirement plan say they would be likely to use it if their employer offered one.
- Just over half (56 percent) of workers report saving for retirement outside of work.