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Entries in Middle-Income (1)

Wednesday
Jan052011

Aging Middle Income Americans Unsure About Retirement Funds

Photo Courtest - Getty Images(CHICAGO) -- Almost two out of every three middle-income Americans are not sure whether or not they've saved enough money to live comfortably after they retire, a new study said on Wednesday.

The Bankers Life and Casualty Company Center for a Secure retirement studied Americans between the ages of 55 and 75 who made between $25,000 and $75,000. The Middle-Income Retirement Preparedness Study found that 63 percent of them are unsure about their future and that greater than 50 percent don't take any professional retirement advice. Even more worrisome was that half of the sampled group turn to the Internet, where anyone can post information, for direction.

"Rising health and long-term care costs, the declining value of investments and an uncertain economic future all highlight the need for retirement plans that protect savings and make money last," said Scott Perry, president of Bankers Life and Casualty Company.

The study also found that 84 percent of people who choose not to work with a professional advisor say they don't think they need one, or that they could do it on their own.

CSR found that a majority also spend less than one hour per month planning on how to manage their retirement funds. The study leans towards the use of a profesional advisor saying that more than two-thirds of respondents who use help feel better prepared for retirement than their counterparts.

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