Ameriprise Financial, Inc. : Fewer Americans Preparing Financially For Retirement - Survey
09/19/2012| 08:01am US/Eastern
By Tess Stynes
U.S. consumers who indicated they were preparing financially for retirement declined to 70% during June, the lowest level in three years, according to a report released by Ameriprise Financial Inc. (AMP).
"While the majority of Americans we surveyed express positive feelings about retirement, we're still seeing a significant lack of confidence--in fact, nearly half admit they're concerned about outliving their savings," said Suzanna de Baca, vice president of wealth strategies at Ameriprise Financial.
The study, which sampled 10,000 U.S. residents in the 30 largest U.S. metropolitan areas between the ages of 40 and 75, was conducted by Harris Interactive for Ameriprise.
In the latest study, Hartford-New Haven had the top spot in terms of consumers' likelihood to have determined how much money they will need to retire and their actual savings habits. Washington, D.C., ranked the lowest.
About three-quarters of the Hartford-New Haven respondents said they have set money aside for retirement, compared with the national average of 63%. Nearly half indicated they thought they were on track for retirement, compared with 37% nationwide.
Expectations about retirement age also are shifting. While the vast majority of retirees--83%--said they were under 65 when they left the work force, only 20% of current workers plan to retire before they reach what has been the traditional retirement age. More than a quarter of workers plan to remain in the work force as long as they can.
More than half of the respondents said candidates' positions on major U.S. retirement-benefit programs such as Social Security and Medicare will influence their votes in coming elections.
Write to Tess Stynes at Tess.Stynes@dowjones.com.
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