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Americans say a
secure retirement
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:
-- 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.
-- 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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not
possible for Mid-Income families