February 10, 2005 09:56 AM
Americans Worry About Saving
Excerpt: Nearly nine out of 10 Americans were worried about saving enough for retirement even before President Bush began his recent campaign to change Social Security, according to a new study.
Nearly nine out of 10 Americans were worried about saving enough for retirement even before President Bush began his recent campaign to change Social Security, according to a new study.
Fifty-seven percent admitted they often or sometimes felt worried about how well prepared they will be for retirement, and 32% said they worried occasionally, according to a survey released by Wachovia Corp.
Only 11% expressed no such concerns. And half of those polled worried about making mistakes with their retirement investments.
The survey of 2,100 consumers with household income or investments exceeding $75,000 was conducted last fall, before President Bush won re-election and began actively promoting his plan to change the 70-year-old Social Security system. A key element would have younger workers shift some payroll taxes into private stock and bond accounts.
Mr. Bush contends that changes are needed to prevent Social Security from going bankrupt by 2042, as people live longer and retirees become eligible for more benefits. Democrats say Mr. Bush is exaggerating the problem. Social Security provides benefits to 45 million Americans,
"Investors do make decisions often based on their emotions," said Bob Reid, executive vice president of retirement strategy at Wachovia. "That's not necessarily bad, but to the degree consumers act or don't act based on worry or fear, they may suffer paralysis. And there is a huge level of uncertainty, worry and fear."
In the survey, 36% said they felt particularly intimidated, fearful and helpless about saving for retirement and admitted they weren't saving enough. An additional 11% were similarly worried but felt they were on the right track.
Twenty-six percent said they were relatively unprepared and in a sense appeared "overconfident" about retirement savings, while the remaining 27% generally felt comfortable and in fact thought they were on the right track.
Women were more concerned about retirement than men, and people who were worried tended to consider themselves inexperienced investors.
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