Half of Americans are less financially secure than they thought they would be at this point in their lives, says Northwestern Mutual.
Only 43 percent say they are financially secure, according to the Planning and Progress Study by Northwestern Mutual Life Insurance Company.
“We’re seeing the average retirement age being pushed further out, due in large part to widespread feelings of long-term financial insecurity,” says Greg Oberland, Northwestern Mutual executive vice president. “That adds up to people feeling squeezed during a period of their lives when their financial obligations really should be easing.”
That feeling of not being financially secure is not spread evenly among the population. Among single Americans, 62 percent say they are not as financially secure as they thought they would be, compared to 43 percent of married people who feel that way.
For those with children under 18, 56 percent are insecure, compared to 49 percent for those with older children or no children.
“Although Americans are struggling, we’re seeing some positive signs for the future,” says Oberland. “People intend to save more, and are aiming for slow-and-steady growth rather than swinging for the fences. Ultimately, we would like to see that translate into higher levels of financial security.”
Despite their insecurities, a large portion of Americans say they are prepared to live into old age. Fifty-six percent say they are financially prepared to live to the age of 75, 44 percent to 85, and 35 percent to 95.
Living to an older age includes working into the later years for most. Only 6 percent of those surveyed say they will retire before the age of 60 while half are going to retire in their 60s, 32 percent in their 70s and 10 percent in their 80s. However, the mean age of retirement for those already retired is 59.
The company surveyed 1,546 people age 25 and older.