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Nearly Three-quarters of Americans Admit They Aren’t Financially Prepared for Retirement, Survey Finds
Thursday, June 20, 2013 10:05 AM

More than 70 percent of Americans believe they are not financially ready for retirement, according to a recent online poll conducted by American Consumer Credit Counseling. The ACCC poll found that more than seven in 10 consumers surveyed reported that they are not adequately prepared for retirement, while over 30 percent of respondents are not contributing at all to a retirement account.

Of the 282 consumers surveyed in the recent ACCC web poll at ConsumerCredit.com, 56 percent are aged 45 to 64 while only 15 percent are between the ages of 18 and 34.

Surprisingly, when it comes to income levels, of those respondents who indicated they are not prepared, 23 percent earn $75,000 or more. Those most confident in their retirement preparations were the 28 percent of consumers surveyed earning between $50,000 and $75,000.

And it is not just income levels that are impacting consumers’ confidence in retirement preparation; gender also plays a role. When asked about the level of retirement contributions over the past year, 34 percent women responded that they did not contribute any amount to their retirement fund compared to only 21 percent of males. Additionally, 27percent of males indicated that they actually contributed more over the past year compared to only 17 percent of their female counterparts.

When the 282 respondents were asked about their current retirement savings method, an overwhelming 49 percent indicated they use a 401(k) account, while 28 percent of those surveyed are part of a pension plan. Only 10 percent indicated that they contribute to a general savings account.

Helpful Resources: The Texas Credit Union League’s (TCUL) IRA Basics and IRA Advanced seminars. The IRA Basics seminar covers the basic elements of IRAs, while the Advanced IRA seminar covers everything you need to know about IRAs, including compliance, auditing and reporting. To learn more, please visit https://www.tcul.coop/IRA_Seminars.html.