American workers are more retirement-minded than they were a year ago, according to the 10th Annual Retirement Survey, an online study conducted by Harris Interactive on behalf of Transamerica Center for Retirement Studies.
Market volatility and shrinking retirement savings accounts have motivated workers to re-establish expectations about their financial security later in life.
Almost 30 percent of respondents expect to work longer and retire later than they did 12 months ago. More than one-third now expect to work past age 70, and 15 percent never plan to retire.
Only 38 percent of respondents agree they are building an adequate nest egg, and 68 percent admit they do not know as much as they should about retirement planning. Less than 10 percent say they know a “great deal” about asset allocation principles related to retirement investing. Seventeen percent say they’re not sure how their retirement savings are invested.
But they are willing to learn, according to the survey. About 30 percent of respondents are increasingly turning to sources of retirement-related information, including financial Web sites and retirement plan-provider sites.