Middle Class Americans Unsure of Retirement Savings

Middle Class Americans Unsure of Retirement Savings

Middle Class Americans Unsure of Retirement Savings

A new study that researched Americans of middle income shows that 63 percent, or nearly two thirds of them, don’t know if their savings are going to be sufficient enough for them to live comfortably when they retire. The study was carried out by the Bankers Life and Casualty Company through its Center for a Secure Retirement.

The report is entitled the Middle Income Retirement Preparedness Study and focuses on Americans from ages 55 to 75 that are in the middle income bracket. That includes people with yearly incomes in the $25,000 to $75,000 range.

The study found that more than 50 percent of the people used in the research had never had professional financial advice on their retirement plans even though they were uncertain as to what to do. Half of them (50 percent) used the internet to find advice, while 38 percent turned to family and friends for advice.

A large majority of people, 84 percent, felt they were not in need of a professional advisor. The study showed that there were three main reasons people did not consult a professional advisor, Firstly, many people felt they could mange their finances themselves.

The second reason was that they thought they did not have enough of an asset base to need an advisor. Thirdly, many thought that getting professional advice was just too expensive.

While many people think that they are capable of planning and managing their retirement on their own, the study showed that many of them did not spend the time to plan properly.


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