When asked if they were worried about various financial matters, Americans of all incomes were most concerned about their retirement savings, with nearly 2/3 of respondents indicating that they are very or moderately worried about not having enough money for retirement.
The Gallup Poll indicates that people in the 30-49 age bracket are most likely to worry about their retirement, with 77 percent of respondents indicating they are very or moderately worried. This number is much lower among those over the age of 65, who are the most likely to already be retired, with a still substantial 45 percent of them reporting the same worries. Gallup says these results are not surprising, considering Americans aged 30 to 49 are also most likely to describe Social Security and Medicare as being in crisis. “Non-retirees (are) increasingly likely to believe they will have to fund their own retirement, relying more on 401(k)s and other self-directed retirement plans and less on Social Security and pensions than today’s retirees,” reads the findings, “Thus, it is not surprising non-retirees’ future financial security is a significant worry for them.”
The survey also finds that concerns are growing for all populations. The percentage of those who are very or moderately worried about retirement savings in 2011 is 13 percentage points higher than the results of the same survey recorded in 2001. Researchers attribute this change to the recession and recent reports about the insolvency of Social Security and Medicare.
Read the full results of this Gallup Poll in the article, Lack of Retirement Funds Is Americans’ Biggest Financial Worry.
