The financial preparedness for retirement among age 40+ Americans is examined in this April 2006 AARP telephone survey which finds many current or future retirees concerned:
- 28 percent of workers and 12 percent of retirees are not confident about having enough money in retirement to pay for their medical expenses
- 40 percent of workers and 33 percent of retirees are not confident in their ability to take care of long-term care expenses that may occur during their retirement
- 15 percent of workers and 9 percent of retirees are not even confident they will have enough for basic expenses
Overall, only 27 percent of workers and 50 percent of retirees feel very confident they will have enough money to live comfortably throughout their retirement years.
Among current workers...
- 44 percent have tried to calculate their retirement needs while 26 percent are not confident they know how
- 68 percent have saved some money for retirement
Of those who are – or whose spouse is – currently employed, 40 percent worry that their employers will reduce or eliminate pension or health care benefits before or once they're retired.
The survey was conducted for the AARP Bulletin and AARP Segunda Juventud by ICR/International Communications Research from April 10th through 19th, with a nationally representative sample of 1,782 age 40+ respondents, including an oversample of 500 Hispanics. For more information, please contact Hana Holley of AARP Knowledge Management at 202-434-6324 or firstname.lastname@example.org.