Majority of Americans worried about retirement - plan to work longer
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.
Here's the breakdown of where Americans have reduced their spending.
- 80% are spending less on entertainment
- 78% are eating out less
- 60% are cutting back on holiday shopping
- 58% are putting off a large purchase, like a car or home improvement
- 39% delayed a routine or elective medical procedure
With that in mind, in celebration of National Retirement Week, Get Rich Slowly is running a 13-part series dedicated to addressing the common questions people have about saving for retirement. Examples include common questions such as; saving for retirement or paying off debt, buying a house or building a nest egg and a saving for retirement podcast.
For more information on retirement, including how to plan for living longer, be sure to check out WalletPop's retirement resources.