In a recent poll of retirees asking them what they wished they had done differently to prepare, almost half said they should have started saving for it earlier–what the analysis of the poll said was good advice, given the more uncertain retirement prospects of the generation now coming up on retirement.
The poll by the Retirement Living Information Center found that in addition to saving earlier, more than a third said they wished they had saved more. Other common wishes were that they had invested better in stocks, that they had made a budget and lived on it, and that they had taken more advantage of “Roth” type savings accounts.
It said that 75 percent of the retirees polled–born between 1940 and 1960, roughly the dates of the baby boom generation–feel they have enough money to live on comfortably in retirement, versus only 35 percent of pre-retirees polled–born between 1960 and 1980, roughly the dates of “Generation X.” While both generations focused on tax-favored accounts for retirement savings, the former overall had more support through traditional pension and annuity plans.
One result was that the younger generation expects to rely more heavily on Social Security to fund their retirement, in some cases fully.