Financial Plans On Americans Banking
Americans have a optimistic view of retirement. But a recent survey found that many people still have a lot of work to do before they leave the job
For example, 47% of respondents said their retirement savings would last them 10 to 20 years. This number seems promising until you realize that people have been in reality for 30 years I should plan. Similarly, half of all Generation X respondents said they expect to rely on pensions to help fund retirement. This plan may seem appropriate, but experts have warned That many pension schemes in the United States are at risk. In addition, less than a third of all companies now offer pension plans
The survey was sponsored by the American Institute of Certified Public Accountants (AICPA) In order to better understand the American people's savings and retirement. The group has sponsored a website called 360 Degrees of Financial Literacy (www.360fin financial literacy.org) Has been helped to help people deal with financial problems at different stages of life. Here's a look at some of the additional polling results:
Paying for retirement
Younger Americans do not plan to rely as much on social security for retirement as Americans. About six out of 10 people over the age of 55 and older through their retirement through social security(There are plans to fund. Only four out of 10 under 55 years of age (41%) Americans rely on social security to fund their retirement. Instead of relying on social security, people under the age of 55 rely more on their personal savings and investments
College cost
About three out of 10 Americans have a child who plans to go to college in the next five to 10 years. A quarter of these parents plan to pay for their child's education with personal savings, another quarter to their child Intends to receive scholarships to pay for tuition. Surprisingly, only 13% of respondents intend to use private student loans and only 12% funded their child's education financially Do
Financial concerns
Rising energy and household heating costs and uninsured medical costs are the biggest financial concern for Americans (15% in each) Are The cost of retirement and gas (13% each) Is behind Education costs are also a concern because 9% of respondents are concerned about their child's college education and 7% are concerned about their college education
Eighty-one percent of Americans under the age of 55 say they intend to rely heavily on social security for retirement
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