Majority of Americans worried about retirement - plan to work longer


This week is National Retirement Week, which is a good thing since it is a topic weighing heavily on our minds. According to a recent survey by MoneyRates and GetRichSlowly, 52% of respondents didn't feel on track with their retirement. It's no wonder so many people are concerned about their retirement savings, since the Sun Financial Unretirement Index found that nearly two-thirds of Americans will delay retirement one year -- with 27% of those individuals delaying retirement by 5 years!

The most popular reason given for entering "unretirement" was to "to earn enough money to live well," a change from last year's top reason of, "staying mentally engaged," which is in second place this year. These changes are explained in part by the general pessimism of American workers, such as findings that:

  • 58% of workers under 60 don't believe Social Security will be available to them upon retirement.

  • 42% aren't confident about Social Security Benefits.

  • 41% don't feel confident about prescription drug benefits.

  • 38% are not confident in Medicare benefits.