Are Americans Ready To Retire? No!

2378 words - 10 pages

This research paper address the question: Are Americans ready to retire? No! Americans are not only not ready to retire, they are not confident in how much they have saved for their retirement years. There are several reasons for this lack of confidence. According to a recent study by the Metlife Mature Market Institute, more than half of adults age 45 to 70 nationwide (a full 53%) say they are behind in their retirement goals. The study also found that 13% of those who polled have no retirement goals and 7% have not yet begun to save money. The lack of knowledge of the stock market and lack of funds to save, factors into this passive approach. Most Americans are not familiar with investment options within retirement plans and either choose not to participate in their employer’s plan or contribute a low amount that will not meet their retirement needs. A solution would be to sit down and prepare a retirement calculation to figure out how much funds would be needed for their retirement years, including the possible high cost of medical needs.

The majority of American workers in this country are not prepared for retirement. According to the 2010 Retirement Confidence Survey, the percentage of workers who can say they are very confident about having enough money to pay for their basic expenses during their retirement years increased from 25% to 29% in 2009. However the percentage of those workers who are not confident remained at 25%. According to the survey, the percentage of workers who are not too (or not at all) confident about being able to cover long-term medical and long-term care expenses has increased. According to this study, 51% of workers say they are not confident about having enough retirement money to pay for these long-term expenses. This study shows that there is a steady percentage of workers who are very confident about having enough money for basic expenses (33% in 2010 and 34% in 2009, medical expenses (23% in 2010 and 25% in 2009), and long-term care expenses (13% in 2010 and 15% in 2009). Surprisingly, this study shows 30% of workers feel very confident that they did a good job of preparing financially for retirement. This percentage increased from 26% in 2008 to 28% in 2009.

According to the 2010 Retirement Confidence Survey, many workers are falling behind in the steps they are taking for retirement. 69% of workers say they and/or their spouse have saved money for their retirement years. This percentage declined from 75% in 2009. There is also a decline in the percentage of workers who say they are currently saving for retirement, from 65% percent in 2009 down to 60% in 2010.

According to the survey, three factors influence retirement savings. Those factors are education, age and household income. If a worker was married and had tried to complete a Retirement Savings Needs Calculation it increased their savings amount. 54% of workers report that between their savings and investments, they have less than...

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