Thursday, May 7, 2015

16th Annual Transamerica Retirement Survey of Workers

The Transamerica Center for Retirement Study has released its annual survey of workers of all ages on the subject of retirement, entitled Retirement Throughout the Ages: Expectations and Preparations of American Workers. This survey provides lots of interesting information, and the Center uses this information to make recommendations to workers, employers and policymakers (pages 18, 19 and 20). 

Consistent with results from prior years, "outliving my savings and investments" was cited by workers of all ages as their most frequently cited fear (page 31).  Of course, addressing this fear by developing a reasonable spending budget in retirement is what this website is all about.

Of particular interest to me, in light of my previous post about the need to strengthen Social Security financing, were the results shown on page 36--that 47% of surveyed individuals in their 60s reported that Social Security will be their primary source of income in retirement and the results shown on page 32 that many individuals are concerned about the future of Social Security. But, despite these fairly disturbing results, the Center's Recommendations to Policymakers fail to mention any action to fix Social Security at all. As I said in my previous post, I believe the first step toward increasing workers' retirement outlook in the future should be to make sure that Social Security, the foundation of retirement security for most Americans, is solid.