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Americans say a
secure retirement
 not
possible for Mid-Income families
BLOOMINGTON, Ill., March 20 /PRNewswire/ -- Nearly half of Americans
don't believe it's possible for middle-income families to save for a
secure retirement. Another 17 percent aren't sure, leaving only 37
percent believing middle-income families can save enough to live
comfortably in retirement. That's according to a new survey by
COUNTRY Insurance & Financial Services.
The
findings include:
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Women see the retirement situation more gravely than men. Nearly
seven in ten women (69 percent) are pessimistic or unsure about the
retirement prospects of middle-income families. Only five in ten
men feel pessimistic or unsure.
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Americans don't take their own advice. Three-quarters (74 percent)
say people should start saving for retirement before age 30.
However, 62 percent of the same respondents waited until after age
30 or haven't yet
started saving for retirement.
-- Two reasons keeping people from
saving for retirement. They indicate the
biggest barriers are a lack of enough money to save
and invest (34 percent) and the need to pay off
debts (17 percent).
"The
good news is that Americans recognize the need to begin saving for
retirement at a young age. But it's troubling that people aren't
putting their advice into practice," says Keith Brannan, director of
the Financial Security Office at COUNTRY.
"Saving for retirement involves disciplined and consistent saving
over time. It is quite achievable if people have a thought-out plan
in place."
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