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Retirement: Americans Not Getting It Done

egg and dollar bill - retirementIn just a couple of years, Americans’ views on retirement have changed dramatically: “40 percent of respondents now expect to work longer and retire at an older age since the recession began,” reported the recently published 12th annual retirement survey from the Transamerica Center for Retirement Studies.

Noted a news release about the study: “For many Americans, the foundation of their retirement strategy is simply to not retire or to work considerably longer than the traditional retirement age of 65.”

Other findings, as reported by National Underwriter Life & Health, include:

Only 51 percent of surveyed workers called themselves “somewhat confident” or “very confident” about achieving a comfortable retirement this year. That contrasts with from 53 percent in 2008-2009 and 59 percent in 2007.

Fewer than 4 of 10 workers (38 percent) reported building a large enough retirement nest egg, as compared with 40 percent in 2008-2009 and 45 percent in 2007.

The Transamerica Center conducted the online survey of 4,080 U.S. workers ages 18 and older working at for-profit employers with 10 or more employees.

The survey showed that 39 percent of American workers intend to retire after age 70 or not at all. More than half (54 percent) plan to work in retirement. “Of those who plan on working after retirement or age 65, the most commonly cited reasons are out of necessity (44 percent),” noted the news release.