Most people expect to retire at 66, relying on their Social Security and their 401(k) or IRA savings. Sound familiar?
Even in the midst of a pandemic, many Americans said their retirement expectations are the same as they were last year. Whether that’s a good thing or not might be up for debate.
How savers plan to fund that retirement is mixed. A majority — 88% — of non-retired Americans say they expect to rely on Social Security, and 80% said they’ll lean on their savings in a 401 plan, individual retirement account or other retirement-specific account. Slightly less than three-quarters said they’d use other savings, such as in a CD. Seven in 10 people said they’ll work part time in retirement.
Gallup also asked how much they will need these sources of income. Of the respondents who said they’ll rely on Social Security as a source of income, 36% said it would be a major source, and 52% said a minor source. More than half of people said their retirement savings would be a major source of income in their later years, and 27% said a minor source. Others also expected to tap into stock investments, inheritances and rent or royalties.
Not all hope is lost. Americans have bounced back from economic crises in the past and they’ll likely do so this time as well. And savers don’t need to worry about the ups and downs of their portfolios if they’re a few decades away from retiring.Still, it’s best not to expect to rely too heavily on Social Security, even though many Americans do.
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