Fewer Americans Expect To Retire, But Most Are Confident
Scottrade recently commissioned a 2009 American Retirement Study for studying retirement plans and generational differences in financial planning. They sampled 1000 Americans aged 18 years or above for this study.
Following their study, Scottrade concluded that only 32% of respondents, 7% less than that in 2008, expected to fully retire at their retirement age. They also observed that retirement accounts of 43% of respondents had decreased by 10% or more since 2008 and that 67% Americans did not plan to contribute to IRA. Also, though 77% of the respondents were concerned about Social Security, more than half were pretty sure of it running out before they retired.
Furthermore, 61% of respondents were confident of their retirement planning ability with Gen Xers (64%) and Boomers (67%) believing in curtailing expenses. Gen Xers did it by using coupons (66%), cutting back on entertainment (65%), paying down debts (57%), and reducing credit card spending (55%) while Boomers (67%) did the same by comparison shopping (70%).
Confident of saving enough, only 5% Gen Yers used advisers for retirement planning as against 28% who planned independently. They were also considerably focused on working more to earn more (30%) and searching for a better-paying job (29%).
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