Retirement money fears now grip a record majority of working Americans (new Gallup poll results)

Retirement money fears now grip a record majority of working Americans (new Gallup poll results)
Los Angeles Times ^ | April 25, 2011 | Andrew Malcomb

Posted on Monday, April 25, 2011 8:56:39 AM by Zakeet


Great news for America's psychiatrists, attorneys and scam artists preying on the elderly:

Now, in addition to soaring gas prices, college tuitions, inflation, home values sinking beneath mortgages, layoffs of older workers, unfinanced federal debts, increasing taxes and stubbornly high unemployment, deadlocked government, healthcare cost savings that don't materialize and whimsical wars in meaningless places abroad, a majority of Americans now believe they won't have enough money to live comfortably in retirement.

If there is such a thing by the time they get there. If they get there.
A new Gallup Poll out this morning finds a record 53% of Americans who aren't retired figure by the time they reach their so-called golden years they won't be able to afford it.
That percentage is up about 20 points since 2002.
[Snip]

While Washington politicians pontificate and argue over preserving Social Security as a sacred trust, fully six out of ten American workers have already decided that after an entire working life contributing from every paycheck, they will actually receive no benefits from Social Security upon retirement.

That's the most pessimistic level in nearly a quarter-century.
Gallup has also detected a change in expectations about retirement age.
Sixteen years ago when Gallup asked that question, only 12% said they would have to work past 65. That percentage has now more than tripled (37%).


Likewise, the proportion that says it will retire before age 65 has plummeted from 47% down to 28%, who are still fooling themselves.

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