While most Americans plan to retire by age 65, many are not actively contributing to a retirement plan and are unsure how much they need to save, according to a new survey.
Published by Capital One Share Builder Inc., the survey (“Roadblocks to Retirement Savings: What’s Keeping Americans from Saving?”) reveals that 54percent of Americans plan to retire by age 65, but 36 percent are not actively contributing to a retirement plan. And more than a quarter (26 percent) are unsure how much they need to save.
The survey of American pre-retirees finds that while confidence in the ability to save for retirement has improved with 33 percent claiming to be more confident than they were a year ago), nearly one in four (23 percent) are concerned they may never save enough to retire.
Among the report’s additional findings:
More than half (54 percent) of Americans plan to retire by age 65, while 23 percent say they don’t plan to ever fully retire.
One in four (25 percent) Americans plan to work part-time during their retirement, and that percentage increases closer to retirement age, with 40 percent of Americans age 55-64 saying they’ll work part-time.
A third (33 percent) of Americans plan to maintain their current lifestyle, while 17 percent plan to make sacrifices and 11percent plan to improve their lifestyle; and
38 percent say they are unsure of what lifestyle they plan to lead.
Paying for college tuition (20 percent), job loss (10 percent) and daily household bills (14 percent) are the top roadblocks for retirement savings, according to respondents.
Only just over one third (37 percent) of Americans say nothing has impeded their ability to save for retirement.