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Posted: Wednesday, 04 June 2014 7:44AM

Can you retire at 65? Fewer feel they can



A new CBS News Poll finds a sharp drop over the past ten years in people who expect to retire at age 65.  Commuters in New Orleans are sounding off about the findings.

"Never!" one man insisted.

One woman told WWL First News, "There will be no retirement!  I don't see it... never."

She said she expects to work until she dies.

"Maybe 70," was another response.

The data suggests retirement may be coming later for many. 52% of those who are not yet retired plan to do so by the age of 65, down from 67% in 2005. Meanwhile the percentage that plans to retire in their 70s has nearly tripled, from 8% in 2005 to 22% today.

Just 12% of Americans who haven't retired yet are very confident they are saving enough of their income to live adequately by the time they retire. Another 35% say they are somewhat confident, but more than half - 51% - say they are either not very or not at all confident.

"I save money, but now how the economy is going, you'll never have enough.  It will never be enough," a woman shared.

One man told us, "It's always a scary thing, you never feel like you have enough."

70% of Americans who are not yet retired find it at least somewhat hard to save for retirement and keep up with bills and expenses at the same time, and 61% are anxious about their retirement savings.

59% of Americans have begun saving for retirement, but 40% have not.

65 has long been the traditional retirement age, but fewer Americans expect to retire by age 65 than they did a decade ago. Now just over half (52%) of Americans looking ahead to retirement say they plan to retire at or before age 65. In 2005, two-thirds (67%) expected to be retired by then.

Instead, the percentage of Americans who expect to retire in their seventies has risen dramatically among those not yet retired. Now 22% think they will be over 70, a rise of 14 percentage points from 2005.

Americans who have not yet retired have many financial concerns, but saving for retirement is one of the ones that worries them the most. 24% say saving for retirement is their biggest concern, just behind paying for everyday bills and expenses (25%), and ahead of paying off debt (17%), paying for their own or their children's education (16%), or paying for current or future medical costs (8%).

Income makes a big difference. While households earning under $50,000 a year worry the most about paying for bills and expenses, those earning $50,000 a year or more pick saving for retirement as their number one financial concern..

Few Americans looking ahead show confidence that Social Security will have the benefits they expect when they retire: 63% do not think it will. There are political differences on this measure: Republicans are the most skeptical about Social Security providing for what they need. Democrats are the most positive, though even a slight majority of Democrats don't think Social Security will have the benefits they expect.

Despite this skepticism, nearly half of Americans who are already retired say their major source of income is Social Security. Just 22% say their main source of income is an employer sponsored retirement plan, and just 20% are mostly relying on their own retirement savings.

Retirees with lower incomes are more reliant on Social Security than those earning more. 67% of retirees earning less than $50,000 a year are relying primarily on Social Security. This percentage drops to just 25% of those earning more.

 

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