11/9/2015 – Retired Americans Need More Savings (Plan Adviser)

Although the total percentage of adults surveyed by the Robert Morris University Polling Institute who say they are “very” or “somewhat” concerned about their financial security upon retirement has decreased since February, the percentage saying they are “very” concerned increased from 37.6% to 42.3%.

Joseph Angelelli, a gerontologist and RMU assistant professor of health services administration, said any shift in opinions bears continued scrutiny as a larger segment of the Baby Boomer generation enters retirement. According to Angelelli, more than 10,000 Americans retire every day. The average reported age of retirement by survey participants was 62.27.

More than half of all respondents (51.9%) indicate they have family or friends to rely on in retirement—down from 55.5% in February. Approximately 40% say they have begun saving for retirement but not yet finished, while 15.5% say they have finished saving for retirement, down from 19.8% in February. More than one-third (36.9%) say they have not started saving for retirement.

Read the full article in Plan Adviser.