Reader survey finds lack of retirement saving

| Print |  Email
Friday, June 01, 2007

This month’s survey focusing on our readers’ personal financial situations finds them decidedly optimistic, with a large majority saying their finances have gotten better and that they expect that trend to continue. Yet a dark cloud looms on the horizon: funding their retirement.

In this they aren’t alone. The 910 respondents to our survey, conducted by research partner Conkling Fiskum & McCormick, mirror the angst of the over-40 population nationwide.

According to an AARP study, 68% of baby boomers plan to work beyond traditional retirement age, mostly because they need the money. Of all adults surveyed, three-quarters say saving for their retirement years is very important, but only 35% feel very confident that they will have enough money to live comfortably throughout their retirement years. Other findings:

  • 28% of workers and 12% of retirees say they are not confident about having enough money in retirement to pay for their medical expenses.

  • 40% of workers and 33% of retirees say they are not confident in their ability to take care of long-term care expenses should they occur during their retirement.

  • 15% of workers and 9% of retirees are not even confident they will have enough to take care of their basic expenses.


One-third of the workers in the national survey have not saved any money for their retirement; 26% admitted they aren’t sure they know how to determine how much money they will need to live comfortably in retirement.

And if they have saved, it’s pretty modest: Half of the workers’ households have less than $25,000 in their savings and investments, excluding the value of their primary residence. Why? It’s hard to save, they say, because of insufficient income, high everyday expenses and a bad economy. It is also evident from the AARP study that workers are counting on employer-provided benefits for their retirement.

View slideshow

{safe_alt_text}

To participate in the Input survey, send an e-mail to This e-mail address is being protected from spambots. You need JavaScript enabled to view it .

Research conducted by Conkling Fiskum & McCormick.

 

 

More Articles

4 married couples who work together

The Latest
Thursday, January 22, 2015
IMG 0020BY JACOB PALMER | OB DIGITAL NEWS EDITOR

They say maintaining a healthy marriage takes work. So does running a business with your spouse.


Read more...

See How They Run

January-Powerbook 2015
Friday, December 12, 2014
BY LINDA BAKER

Studying ground-running birds, a group that ranks among nature's speediest and most agile bipedal runners, to build a faster robot.


Read more...

Political theater

News
Wednesday, January 07, 2015
0107-orbizplansum14-thumbBY LINDA BAKER | OB EDITOR

The Oregon Business Plan Leadership Summit drew more than 1,000 people to the Oregon Convention Center yesterday.


Read more...

Behind the curtain: What students should know about accreditation and rankings

Contributed Blogs
Thursday, December 04, 2014
120414-edurating-thumbBY DEBRA RINGOLD | OP-ED CONTRIBUTOR

How important are institutional and/or program evaluations provided by third parties in selecting a college or university program?


Read more...

MBA Perspective

February 2015
Tuesday, January 27, 2015
BY KIM MOORE

Robin Anderson, dean of the Pamplin School of Business, University of Portland: "You need people who are comfortable leading in ambiguity."


Read more...

A legislative preview — and celebration

News
Friday, January 23, 2015
012315-speaker-thumbBY LINDA BAKER | OB EDITOR

The Northwest Environmental Business Council previews the 2015 legislative agenda as Hatch Oregon celebrates Oregon's new community crowdfunding rules.


Read more...

Labor Pains

February 2015
Monday, January 26, 2015
BY AMY MILSHTEIN

Thinking about starting an internship program? Be careful. Navigating unpaid internships can be tricky.


Read more...
Oregon Business magazinetitle-sponsored-links-02
SPONSORED LINKS