According to a COUNTRY Financial survey, this is up six points from this time last year, and the first increase in five years. This increase may be because many Americans did not have to postpone their retirement as a result of the economic downturn, and people are also taking positive steps to finance their golden years.
Nearly four in 10 (36%) will not have to delay their retirement as a result of the economic downturn. Fifty-seven percent either maintained or increased the amount they contribute to their nest egg, a three-point increase from last year.
However, others are confronting new realities of retirement caused by years of economic instability. A quarter of Americans must delay their retirement by three years or more. This instability might also be why a majority (55%) expect to take a part-time job during retirement to augment their savings.
Social Security Uncertainty Weighs on Americans
The ongoing debate about the future of Social Security might be impacting how Americans factor it into their overall nest egg. Just one-third are confident Social Security will pay them all of their promised benefits. Those in the Gen X age group are the least confident. Just 14% of those ages 30 to 39 and 26% of those ages 40 to 49 believe they will receive their promised benefits.
Forty-one percent of those with a financial planner say less than one-quarter of their retirement income will come from Social Security. Only 25% of those without a planner say the same.
The COUNTRY survey on retirement is based on a national telephone survey of 3,000 Americans and is compiled by Rasmussen Reports, LLC.