Golden Years Looking More Golden for Middle-Income Americans
optimistic about their retirement nest eggs. According to a new
COUNTRY Financial survey, 35 percent of Americans now think it is
possible for a typical middle-income family to save for a secure
retirement. 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. People are also
taking positive steps to finance their golden years.
— Nearly four-in-ten (36 percent) 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 percent) expect to take a part-time job during
retirement to augment their savings.
"It's encouraging many are taking a proactive approach to retirement's
new realities," says
security planning. "By regularly updating a long-term savings plan and
sticking to it, almost everyone can adapt to economic changes and
achieve a secure retirement."
To find out which age groups are most expecting to work part-time in
retirement, watch this video interview with Brannan for additional
survey highlights at http://www.countryfinancialsecurityindex.com.
The ongoing debate about the future of
impacting how Americans factor it into their overall nest egg.
— Just one-third are confident
their promised benefits. Those in the Gen X age group are the least
confident. Just 14 percent of those ages 30 to 39 and 26 percent of
those 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
Only 25 percent of those without a planner say the same.
"While we cannot predict what lawmakers will decide about Social
Security, we can control how we plan for our own financial security,"
adds Brannan. "When planning long-term, in addition to protecting your
assets, focus first on the contributions you control. For retirement,
that means your personal savings and 401(k) contributions."
The COUNTRY survey on retirement is based on a national telephone
survey of 3,000 Americans and is compiled by
(http://www.rasmussenreports.com), an independent research firm. The
questions on delaying retirement and increasing retirement savings
were polled of 2,368 Americans who have not yet retired.
COUNTRY Financial (http://www.countryfinancial.com) serves about one
million households and businesses throughout
offers a full range of financial products and services from auto, home
and life insurance to retirement planning services, investment
management and annuities.
SOURCE COUNTRY Financial
/Web Site: http://www.countryfinancial.com
CO: COUNTRY Financial
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|Copyright:||(c) 2012 The Associated Press|