Report: 53 percent of Americans worried about retirement savings

May 18, 2011

53 percent of Americans feel they need more savings for retirement.

According to a recent study conducted by Gallup, a majority of Americans are worried they will not have enough money saved for retirement.

Of those responding to Gallup's poll, 53 percent do not think their retirement savings will be enough once their working days are over. This figure is up significantly from 2002, when only one-third expressed a similar sentiment. The average retirement age estimated by nonretired Americans is 66, up from 60, which was predicted in 1995.

In 2002, well before the economic recession had set in, nonretired Americans were much more optimistic about their retirement savings. In fact, 59 percent believed they would have enough money saved to live comfortably; now, nine years later, that figure has dropped to 32 percent.

Of all the demographics responding to Gallup's survey, young Americans were the most optimistic. They also were the least likely to rely on Social Security as a primary means of income during retirement.

To augment potential retirement, a recent Investopedia article recommended purchasing as much insurance as possible to cover any potential unexpected expenses during retirement. 

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