Gallup finds pre-retirees slightly more confidentNews added by Benefits Pro on May 13, 2014
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By Nick Thornton

Half of Americans who have yet to retire say they will have enough money to live comfortably when they leave the workforce, according to a Gallup poll.

This is the first time since 2007 that more people think they will be able to live comfortably than fear they won’t be able to.

Gallup data tracking back to 2002 shows that Americans were once consistently more positive about their capacity to live well when they retired.

The recession abruptly changed that perspective. In 2008, only 46 percent of those polled felt they would be able to live comfortably in retirement. That measurement stayed below 50 percent until this year.

The most negative Gallup data regarding retirement security came in 2012, when only 38 percent of Americans polled said they would be able to live comfortably in retirement. The data on current retirees is less unsettling, as 77 percent of those already retired believe they will continue to have enough money to live comfortably in their golden years.

Despite the improvement in sentiment, older Americans still in the workforce — those between 50 and 64 — remain less secure about their retirement prospects than their younger counterparts. Just more than half of the 18-49 year old demographic feels it will have enough to live comfortably in retirement, whereas only 45 percent of Americans over 50 and still working feel their quality of life will be comfortable when they retire.

When asked to characterize their sentiment more specifically, 68 percent of 50-64 year olds said they are very or moderately worried about having enough money to comfortably endure their retirement years.

The overall uptick in confidence since the recession is likely relative to the rebound in the value of 401(k) accounts, which were eviscerated at the recession’s depth.

Results from Gallup’s poll are based on phone interviews conducted between April 3-6. A random sample was taken of 1,026 adults, aged 18 and over; 692 nonretirees were questioned; 334 retirees were questioned.

Originally published on BenefitsPro.com
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