We conducted a survey asking 1,700 American respondents their confidence level with regards to having enough money to live comfortably during retirement. We used Google Surveys and targeted males and females between the ages of 25 to 65+ from coast to coast. We asked the following question with several possible responses:
How confident do you feel that you'll have enough money to live comfortably when you retire?
- Somewhat confident
- Not confident
- Very confident
Americans Are Somewhat Confident In The Amount Of Money They Will Have To Retire Comfortably
When asked how confident they felt they would have enough money to retire comfortably, 40.6% of respondents indicated “somewhat confident”, making that the most popular response. Yet, some compelling results occur when demographic results are applied. For those respondents approaching retirement, between 55 and 64 years old, the percentage increases to 43%.
With regards to retirement income and living comfortably, the amount is ultimately subjective. There are numerous components to factor in when deeming just how much money is “enough” to live comfortably during retirement. The general amount that is so oft thrown around is between $1 million and $2 million. Yet, for many Americans, that amount is not a reality for various reasons.
Women Between 25 and 54 Years Are Not Confident They’ll Have Enough Money To Comfortably Live During Retirement
Of the respondents surveyed, 32.4% stated that they were “not confident” that they would have enough money to comfortably live when they retired. That is nearly one-third of all surveyed, making it the second most popular response.
However, some very compelling results occur when demographic filters are applied to specifically to females – That percentage increases to 35.4%, and increases further to 39.5% of female respondents between 45 and 54. In general, 38.3% of females 25 to 54 years old indicated this response. The fact that almost 40% of women surveyed who are still of working age are not confident that they will have enough money to retire comfortably does give one pause.
Of course, this lack of confidence with regards to having enough money to live comfortably during retirement seems to be a direct correlation with the socioeconomic issue of the gender pay gap. The disparity between male and female workers in every industry and virtually every profession has been much studied and discussed.
Older Males Are Most Confident That They Will Retire Comfortably With Enough Money
Of the respondents surveyed, 26.9% stated that they believed they would have enough money to live comfortably during retirement. Therefore, this is the least popular response.
Yet when demographic filters are applied specifically to males, 31.2% of respondents said they were “very confident” that they would have enough money to live comfortably during retirement. As a result, that was the second most popular answer amongst men.
Interestingly, however, when demographic filters are applied specifically to age, 37% of males 25 to 44 indicated that they were “not confident” that they would have enough money to live comfortably in retirement. Thus, this is the second most popular answer for this specific demographic, in line with the overall survey results.
Yet, as the male age demographic increases, the response changes to “very confident” and likewise, the percentage increases – For example, 31% of males between 45 to 54, 36.4% of males 55 to 64, and an astounding 40.3% of males 65+, respectively. It would appear that as men age and thus become more established in their respective careers, their confidence level increases apropos of having enough money to comfortably retire.
Overall, there is a drastic variance in sentiment between men and women believing they will have enough money to comfortably live during retirement. This perhaps can best be attributed to the direct correlation of the gender pay gap. It has long been documented that economic inequality exists between men and women in virtually every country on Earth, and America is no exception. These survey results seem to reflect that unfortunate socioeconomic issue.
The hope is that one’s retirement years will be a time of leisure and enjoyment – The “Golden Years” in one’s life when you reap the rewards of hard work and a successful career. Yet, it would appear that the confidence level in many Americans seems to reflect that they won’t necessarily have the money to comfortably enjoy those retirement years.
Details About The Study And RMS Score
Audience: Users on websites in the Google Surveys Publisher Network