Retirement is a fearful prospect for nearly nine out of 10 Americans, according to a new public opinion research report released by the National Institute on Retirement Security (NIRS) on Tuesday. The report,”Pensions and Retirement Security 2011: A Roadmap for Policymakers,” found the majority of Americans polled believe the nation’s retirement infrastructure is crumbling and nest egg savings are in danger.
Americans Anxious about Retirement
The research report found that a large number of Americans are fearful of retirement because they feel money just won’t be available when the time comes for them to part ways with their employers.
Some specific issues raised in the report include:
- Current economic conditions: 84 percent of Americans are concerned that current economic conditions are impacting their ability to achieve a secure retirement.
- Stressed retirement system: Nearly nine out of 10 Americans believe the retirement system is under stress and needs to be reformed.
- 2008 economic downturn: More than 80 percent believe the economic downturn exposed the risks of the retirement system.
- Market unpredictability: Nearly three-quarters of Americans believe stock market volatility is making it difficult to predict how much they will have in their nest egg when they retire.
- Government disconnect: 80 percent agreed that Washington doesn’t understand how hard it is to prepare for retirement in this tough economy.
- Travel and leisure issues: As a result of these issues, only 11 percent surveyed expected retirement to include leisure, restaurants, travel and/or hobbies.
The report also found that 80 percent of those surveyed feel receiving a pension rather than retirement funds from the government or their 401(k) is a much more secure way to go while 83 percent thought the government didn’t do a good enough job of helping employers offer pensions.
Sealing Your Own Retirement Fate
According to the NIRS, the purpose in creating the report is “to provide information to policyholders and other stakeholders to help guide effective public policies.” While it’s possible lawmakers will take the considerations to heart, in the meantime it’s good for workers to take retirement matters into their own hands.
Over 80 percent of those surveyed said they are making attempts to add more to their savings accounts, get rid of debt, delay their retirement and even look for jobs that offer pensions to ensure they have enough available for retirement.
If you have similar concerns, you can use a retirement calculator to help you decide what adjustments need to be made in order to get on the right path toward a comfortable retirement.
