New survey conducted for
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Despite planning, the number of Americans who have at least
- Ages 40-49: 41%
- Ages 50-59: 46%
- Ages 60-69: 62%
- Ages 70-79: 67%
“Americans don’t ramp up their retirement savings until they reach their 60s – this is where we see the biggest shift in saving attitudes,” said
Things may not always go as planned
- The average target age to retire is 67, but only 60% of those in their 40s and 65% of those in their 50s think it’s likely they’ll be able to retire at their desired age.
- Sixty-six percent of pre-retirees would retire today if they had the financial means to do so.
The road to retirement can be winding
Americans in their 40s and 50s, as well as those with $250K+ in investable assets, are especially likely to change course with their retirement plan.
- Have changed their retirement savings plan at least once:
- Ages 40-49: 59%
- Ages 50-59: 58%
- Ages 60-69: 37%
- Ages 70-79: 19%
- Twenty-five percent of those with $250K+ in investable assets have changed their retirement plan more than six times.
- Career (26%) and family (22%) events are the most common impetus for Americans to reassess or make changes to their retirement plans. One in 10 (9%) Americans say new political leaders have triggered them to reassess or make changes to their retirement plans.
- Nearly half (46%) of those in their 40s have already withdrawn from their retirement accounts. Meanwhile, only one in three (31%) Americans 50 and over are taking advantage of catch-up contributions.
The effects of a longer lifespan
- With a weakened reliance on
Social Security, Americans are also adjusting to living longer.
- Eight in 10 (81%) are shifting their financial strategies to prepare for a potentially longer lifespan.
- Most Americans also plan to cut back during retirement in anticipation of longevity.
- To prepare for a potentially longer lifespan, three in five (59%) plan to reduce their overall expenses during retirement.
- Those with higher assets are planning to lean on financial advisors and lower retirement withdrawal rates:
- Thirty-eight percent with $250K+ in investable assets plan to get help or are getting help from a financial advisor on a how to plan during retirement.
- Thirty-five percent with $250K+ in investable assets plan to take less or are taking less out of their retirement accounts during retirement.
About The Harris Poll
The Harris Poll is one of the longest-running surveys in the
This survey was conducted online within
Managing Director, Investor Relations