Will you have enough money to retire?

Americans continue to have serious doubts about their retirement security, Associated Press reports.

Are you one of them?

The percentage of workers who said they’re “not at all” confident about having enough money for a comfortable retirement grew to 27 percent from 22 percent in 2010, according to an annual survey released Tuesday, AP writes.

That’s the highest level in the 21-year history of the Retirement Confidence Survey, conducted by the nonpartisan Employee Benefit Research Institute and market researcher Mathew Greenwald & Associates, AP reports.

All told, half of all workers seriously question whether they’ll have enough money for retirement, AP writes. That’s because another 23 percent said they are “not too confident” about whether their savings will be adequate.

Do you think you’ll have enough?

What is your game plan? Work longer? Save until it hurts — and then save some more? Hit the lottery (that hasn’t worked for me)?

- Henry Unger, The Biz Beat

For instant updates, follow me on Twitter.

17 comments Add your comment

TnGelding

March 16th, 2011
7:20 am

Their expectations are based on false assumptions and projections. The key is to downsize and stop wasting precious resources. This old Earth only has so many to give. And get rid of the pets or they will continue to run your life and ruin your retirement.

casualobserver

March 16th, 2011
8:53 am

Can’t rely on social security or anyone else to take care of me so aside from my savings and stashing monies into my 401k, I’m looking into buying (select) rental/commercial properties that will hopefully lead to a perpetual income stream. Due to living well under my means I think I’ll be fine even if I don’t secure investment properties. However, if get married that would be a game changer….unless my wife thinks and acts as I do.

Grits

March 16th, 2011
9:27 am

Depends alot on Obamacare – the plan will make many doctors drop Medicare because of the reduction in pay they will receive. Medical uncertainty is my greatest concern. It all remains on how healthy I remain and how long I hang around on this planet.

Rancid meat

March 16th, 2011
9:37 am

I’ve been doing without since I graduated college and got my first real job so I can contribute the max to my 401k and IRA… so I am comfortable. However, I wonder if my taxes will go up upon retirement to pay for those who have not planned accordingly.

Tony

March 16th, 2011
9:47 am

I didn’t put much thought into retirement at the age 18 but I’ve seem to have made the right decisions. I entered the military and retired after 26 years. Now I’m in civil service and I’ll retire from that at age 62. I’m looking at 3 checks totaling around 60K once I retire again. I think I’m set. I didn’t mean for it to turn out like this but it did. I can only credit God for getting me to this point. The military took me all over the world and God looked after me and protected me. Now I’m doing basically the same job just in a safer environment thanks again to the good lord. You might say I’m lucky but I just think I’m blessed. Trust the lord with your future and follow his path. You won’t have any problems.

N

March 16th, 2011
9:47 am

I would bet if they surveyed those that are saving 10-15% for retirement the response would be much different.

Dave

March 16th, 2011
9:48 am

The government is required to provide for my retirement. I am entitled to it. I can’t save any money and still live in this big house, drive this new car, and eat out every night. I’m an American and I’m entitled to that.

N

March 16th, 2011
9:56 am

TNGelding is right on. The key many seem to forget sometimes is its more about living modesty and making saving a priority before the latest wants. Its amazing how powerful this is no matter if you make $35k or $150k.

unvrknow

March 16th, 2011
10:13 am

I’m 60, and while I’ve saved for retirement, I’ve never done without something I wanted, or wanted to do. My wife and I traveled extensively with our children – often at the expense of saving for retirement – and always found a way to do the things others said they couldn’t afford. We still share memories of those trips, of movies, of theme parks, of just living life. Those experiences and memories are irreplaceable and were worth every dime.

My goal now is to be so tired of going, doing, traveling, and experiencing the world that by the time I’m 70, playing a little golf, working a part time job, and staying home would be a welcome relief.

We’ve never regretted our choices, and never will. We were told more than once by ‘advisers’ that we were on a path to ruin. But if the life we shared with our children means I have to work until I’m 90, so be it.

Besides, who wants to stay home or live with a bunch of geezers? I’m now able to save about a fourth of my income for ‘retirement’ and we’ll be just fine. I will have pension checks of about $2,500, Social Security, and my 401K as of now is $250K and growing rapidly. If that’s not enough, put me in a corner somewhere with a black and white TV and I’ll watch Price is Right everyday.

Miss out a on a trip to Disney with kids to put back $2,000 for retirement? No way! Go and enjoy it! You are not guaranteed a day on this earth.

Remember: money you spend on your family and children is never a mistake!

That’s our path, and I’m sure others will think I’m crazy, but we don’t.

unvrknow

March 16th, 2011
10:18 am

By the way, we’re planning to cut back pension contributions next year and do a 3-week trip to Australia. May as well do it while we’re young!

TnGelding

March 16th, 2011
10:21 am

Tony

March 16th, 2011
9:47 am

Congratulations! But you are a big part of the problem for the rest of us. Where do you think those checks are coming from?

Kdawg

March 16th, 2011
10:29 am

That is awesome @-unvrknow. I am 23, starting a new career and hope to follow in those foot-steps. Money will buy you a new home and retirement status, but the memories and being with the ones you love along the way are truly prices.

unvrknow

March 16th, 2011
10:36 am

If you mean Social Security, it’s coming from me as much as anyone. I’ve maxed out on Social Security for the past 15 years, and will this year and next at least. I’ve been paying SS was 15, so I don’t think I’m using any of your money.

My pensions are from private companies, not public. And the 401K is mine.

I’m not the problem; the problem is people who fret too much about how they’re going to die, rather than how they’re going to live.

TnGelding

March 16th, 2011
10:42 am

unvrknow

March 16th, 2011
10:36 am

My 10:21 was intended for Tony, who is double if not triple-dipping at the trough. But hey, he just took advantage of the system. Nothing wrong with that.

You’ve planned well and have great family values. Good luck and best wishes in your much deserved retirement!

TnGelding

March 16th, 2011
2:05 pm

True, life is for the living, but we’re all going to have to face the Grim Reaper sooner or later. And we need to die with dignity and save our families and governments huge, unnecessary expenses. I was feeling a little sorry for myself yesterday. It gets you down after a little while.

Painted Black

March 17th, 2011
1:03 pm

Doubt I’ll ever be able to fully retire, but I’ll be satisfied with a nest egg that at least allows me to scale-back from a profoit-oriented enterprise to working part-time for a non-profit that makes a difference for people or the environment. I don’t want the legacy of a career trying to make the world a better place being squandered by following it with a decade or more knocking little balls around a fairway.

Plain Jane

March 18th, 2011
6:21 pm

TnGelding: Tony is trolling by pretending to be one of the hordes of “entitled, lazy, freeloaders” who self-described “good, hard-working” live to complain about.