Gallup Poll: Americans scared of retirement!

Gallup had done a poll in US to find out the attitude towards retirement. Here is what they have to report:

“A majority of non-retired Americans now doubt they will have enough money to live comfortably once they retire, representing an 18-point drop from just five years ago.

According to the Gallup’s annual Economy and Personal Finance survey, conducted April 6-9, 52% of non-retired Americans believe they will not have enough saved for a comfortable retirement. Only 41% of say that they will have enough money, compared to 59% who said they did in 2002.

This is the first time since Gallup has conducted the survey that the majority of those not retired say they will not have enough money to retire comfortably. The negativity is a reflection of non-retirees lost confidence that their 401(k) and other tax-exempt plans will be able to provide a comfortable retirement.

When Gallup conducted its first survey in 2001, nearly 6 out of 10 non-retirees said that their 401(k), IRAs and Keogh plans would be a significant source of income for them. In the latest poll, only 42% now believe this to be true—the lowest reading that Gallup has measured. Despite the drop in confidence, however, Americans still put their 401(k) and other retirement savings plans at the top of the list of what they believe will be their major source of retirement income.

Not surprisingly, the perceived reliance on a work-sponsored pension plan has also dropped to the lowest measure since Gallup started tracking the market. Just 24% of those surveyed believe this will be a major source of income, compared to 34% in 2001 and 31% two years ago.

Complicating matters, only 30% of Americans say they will be able rely on Social security for a substantial amount of income. According to Gallup, this pessimism I likely owed to all the talk about Social Security eventually going bankrupt.”

Unfortunately there are no exhaustive polls conducted in India – the scenario may be just as bleak!

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