The current shadowy economic forecast is causing concern for people planning to retire in the future.
A total of 68% of people in the United States are either very concerned or somewhat concerned that they will not have enough money to “live comfortably during retirement,” and 33% say they were very concerned. Thirty-five percent said they were somewhat concerned. Beyond this, 31% said they were not so concerned with the issue or not concerned at all, with 16% in the former group and 15% in the latter, according to the poll released by Quinnipiac University.
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“When it comes to the golden years, Americans young, old, and in-between, share the same worry. There’s a cloud of doubt hanging over the quality of life they’ll have when they retire, especially among those between 35 and 64 years of age,” Quinnipiac University Professor Osman Kilic said in a press release published with the survey’s results.
The age group most concerned about having enough money to retire was the age 35 through 64 group — 43% said they were very concerned. People between 18 and 34 and those 65 and older followed, both with 24% saying they were very concerned.
Many respondents said they had to cut back on spending in various ways, including 61% cutting back on clothes shopping, 63% saying they were cutting back on dining out, 62% saying they were cutting down on leisure activities, and 61% cutting back on vacation plans.
Almost all of the respondents object to raising the retirement age for Social Security from 67 to 70, with 78% saying they would oppose it.
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The poll was conducted with 1,795 adults between March 9 and 13, and it had a margin of error of 2.3%.
In another recent study, 92% of 1,062 adults interviewed said they needed or wanted more money for retirement. Half of the respondents were adults 50 and older who previously retired but are currently working another job, while the other half are adults who are at least 65 and currently are working or planning to work past retirement age.
