AARP's recent "Insight on the Issues" survey showed that more than half (52.6 percent) of Americans age 50 and over were not confident that they'll have enough money to live comfortably in retirement.
More than two in five (45.9 percent) of those surveyed anticipated a “less economically secure” retirement than their parents possibly due to lack of savings and increasing debt. The top two financial concerns respondents expressed about retirement were: retirement income may not keep up with inflation (44.8 percent very concerned), and not having enough money to pay for long-term care (44.3 percent very concerned).
Here are seven ways in which older Americans are trying to restore or address their retirement confidence:
Change their plans or take steps to shore up their finances for retirement: 54.8%
Work part-time in retirement: 44.1 %
Delay retirement: 33.4%
Pay down debt: 38.7%
Shift to less risky investments: 35.4%
Focus on paying off mortgage: 22.5%
Save more: 35%
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