|
How Americans Feel About Retirement
(NAPS)- Here's some good news about turning 40. According to a recent survey, it's the No. 1 life event that triggers Americans to start saving for retirement. Other milestones include turning 30 and 50, having children and getting married.
The AXA Equitable Retirement Scope survey also found eight in 10 working Americans say
they've begun to prepare for retirement, starting on average at age 30. However, they do not anticipate being able to retire until the age of 64, a full six years above their ideal retirement age. Still, more than half of American workers polled anticipate working during retirement. Of those surveyed, middle-income workers (53 percent) and women retirees (50 percent) feel their retirement income will be insufficient.Other key findings included:
• The standard of living is not improving. The majority of working Americans (85 percent) feel their living standards will remain the same or decrease in retirement, and 81 percent of retirees report their living standards have remained the same or decreased. • Americans are averse to financial risk. According to the survey, majorities of both working and retired Americans say they would be most interested in financial products that yield a minimum return without any financial risk.
• U.S. workers also believe Social Security is in serious trouble, if not in crisis. This is of particular concern to those aged 25 to 34 who may fear Social Security willrunout by the time they are eligible. About half of both working Americans and retirees surveyed expect retirement reform in the next 10 years. Of those, nearly 80 percent say such reform will raise the minimum retirement age, while two-thirds or higher predict reduced benefits.
• Retirement income is lower. Seven in 10 American retirees report receiving lower income in retirement than their most recent salary. New to the survey this year are the opinions of workers and retirees on the issue of global warming- who is responsible and who is willing to change their habits. Results show the U.S. lags behind other countries in recognizing this issue. The survey is conducted to help identify trends and help better serve Americans in making the soundest retirement plans. For more information, visit www.axa-equitable.com.
| 
)