Upcoming retirees growing more pessimistic about finances

December 5, 2008

Only about 61 percent of Americans nearing traditional retirement age believe they will have enough funds saved by the time they end their career.

Only about 61 percent of Americans nearing traditional retirement age believe they will have enough funds saved by the time they end their career, according to an October survey by financial services firm Country Financial.

In its bi-monthly Financial Security Index, Country Financial's telephone survey of 3,000 Americans (of which 730 were age 50 to 64) found them to be less confident about retirement than they were previously.

Moreover, of all participants earning $100,000 a year or more, only 54 percent reported they were recently able to save money for retirement, a 27 percent dive from August, and 52 percent were confident they would have enough to send their child to college, a 34-point drop.