NU Online News Service, June 25, 2003, 5:53 p.m. EDT – More than half of older U.S. workers say they can live comfortably in retirement on less than 50% of their pre-retirement income, according to a Web-based survey conducted by NFO WorldGroup Inc., Greenwich, Conn.
Professional retirement experts believe most workers will actually need between 70% to 100% of pre-retirement income to live comfortably, according to MetLife Inc., New York, which commissioned the survey.
The MetLife Mature Market Institute, a MetLife unit, asked NFO to give survey participants a 15-question “MetLife Retirement IQ Test.” The NFO researchers reached 1,201 men and women between the ages of 56 and 65 who believe they are within five years of retirement.
Participants answered an average of five of the 15 questions the way MetLife experts thought they should.
Researchers found, for example, that only 23% of the survey participants agree with MetLife retirement experts that longevity risk is the greatest financial risk facing retirees, MetLife says.