Retirement a More Distant Dream for Some

A survey commissioned by ING Direct found that almost half of respondents are clueless about how much they need to retire.

The survey indicated that four in 10 Americans believe the current economic climate will force them to retire up to 10 years later than expected or not at all. More than 60% of respondents are significantly more concerned about saving enough money for retirement and having the right type of retirement plan than they were six months ago, according to a press release of the results. However, 21% are contributing less to retirement than they were last year.

In addition, the survey revealed that despite the economic turmoil, 65% of those surveyed have not adjusted their retirement investments.

ING Direct also found nearly half of respondents (47%) have “no clue” how much money they need to retire, and one in five (19%) are still banking on Social Security to be their main source of retirement income.

The national online survey of 1,223 adults was conducted by Harris Interactive on behalf of ING DIRECT February 18 to 19.