According to the data from Consumers’ Research, 26% of respondents older than 70 say they are not on track to have enough savings for retirement, and 22% are unsure. Twenty-two percent of respondents older than 70 indicate they do not feel as if they have enough income for their monthly expenses.
Consumers’ Research polled 1,200 adults ages 18 and older in conjunction with Magellan Strategies and found among those ages 60 to 69, 46% say they are not on track to have enough savings to retire. Only 28% of 40- to 49-year-olds think they will have enough to retire, 33% of 50- to 59-year-olds think they will, and 45% of those ages 60 to 69 think they will.
Forty percent of those ages 60 to 69 do not feel as if they have enough income for their monthly expenses, and 57% of those ages 50 to 59 feel as if their income isn’t enough to cover their expenses. According to the survey, respondents ages 60 and older were most concerned about the rising cost of medicine/health care, food and home heating, in that order.
The survey also finds one-third (33%) of 50- to 59-year-olds have less than three month’s expenses saved; that number climbs to 44% for 40- to 49-year-olds.
More about Consumers’ Research is at http://consumersresearch.org.