NEW YORK, Aug. 9 (UPI) -- Four out of 10 U.S. adults who are not yet retired say they believe they will outlive their retirement savings, a survey indicates.
They may be right, because an Ipsos poll of 1,082 adults age 25 and older found about 50 percent say they have balances in their 401(k)s of less than $5,000.
The results show 71 percent of those surveyed say they were personally in control of their finances and make financial decisions themselves, yet 48 percent of those not yet retired say they will not have enough money to maintain their current lifestyle in retirement. Fifty-three percent who are retired say they are concerned about their current financial situation.
Financial planners suggest people plan on needing about 80 percent of pre-retirement income once they retire.
"When we asked respondents if they wish they had a pension, half said yes, even among those age 25-34. This was surprising considering how far removed this younger generation is from the days of defined benefit/pension plans," Peter Saracena, senior vice president at Ipsos, said in a statement.
"Whether they hit the job market 10 years ago or two years ago, younger Americans have experienced market bubbles bursting first-hand, which has seriously eroded their confidence in the equity markets."
The survey, conducted April 21 to May 4, has an estimated margin of error of 3 percentage points.
