Key Takeaways
- A survey from Gallup found that about 60% of Americans said they have a retirement savings account.
- However, only half of those with a retirement savings account expect to live comfortably in retirement. Of those who don’t have a retirement account, 30% expect to live comfortably in retirement.
- Most generations worry about having enough to last them through retirement.
Even those with retirement accounts aren’t sure they will have enough money when the time comes, according to recently published survey results.
About 60% of Americans have a retirement savings account, such as a 401(k) or an individual retirement account (IRA), according to survey results reported Monday by global analytics and advisory firm Gallup. While many have started saving, only half of those with retirement accounts said they expect to live comfortably in retirement.
In comparison, of those who said they don’t have retirement accounts, about 30% expect to live comfortably in retirement.
These figures highlight that putting money into a retirement savings account alone might not be enough to plan to retire comfortably. Knowing when you’ll retire, how long you expect to live and how much money you need is vital to ensuring retirees don’t run out of money once they stop working. Emergency funds and high-yield savings accounts could also help with additional financial support during retirement.
Other studies show that every generation is worried about having enough money to retire comfortably. A recent poll from Allianz showed that 70% of Gen Xers fear running out of money in retirement more than death. At the same time, 66% of millennials and 61% of baby boomers also fear running out of money more than their clocks running out.
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