Only 45% of non-retired Americans expect to have enough money for a comfortable retirement, according to a recent Gallup survey.
In contrast, nearly three-quarters of retired Americans said they live comfortably with their money, according to the Aug. 22 article. Telephone interviews for the survey took place in April and included 1,001 adults across the U.S.
This difference in outlook is not new, Gallup said. In 2002 to 2004, 54% of Americans aged 45-60 did not think they would have enough money for a comfortable retirement, but 79% of that same cohort, now retired, later said they did have enough money.
One reason for the doubt in younger Americans is perceptions about Social Security, Gallup said. While 35% of non-retired Americans said they expect Social Security to be a major source of income in retirement, 58% of retired Americans reported this, making it the No. 1 source of income noted in the survey.
Half of working Americans surveyed expected their 401(k) or individual retirement account to be a major income source in retirement, while 29% of retired Americans reported that to be the case.