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Overall Optimism But Worry About Retirement, Studies Say

Another round of consumer surveys this week found most Americans optimistic, but not necessarily about retirement.

First there was Lincoln Financial Group’s latest Measuring Optimism, Outlook and Direction (M.O.O.D.) of America Survey, which found that most (81%) individuals surveyed feel optimistic about their financial future, up 13% from 2011, the first year the study was conducted. Nearly three in five (59%) expect that their financial situation will improve in the next year. That is nearly twice the number in 2011, when just 33% expected their financial situation to improve.

They may be feeling better, but still only one in five Americans feel “very prepared” for retirement, protecting their wealth and handling income disruptions of varying durations. Barriers include a sense of feeling overwhelmed by the options for insurance coverage (70%) and retirement planning (67%), as well as the need to prioritize short-term expenses (65%).

Worrywarts

A new survey by E*Trade Financial which indicates that “not having enough saved for retirement” is something that nearly a third (30%) of Americans worry about “always” or “frequently,” tied with the loss of a loved one as the biggest worry.

As for what is hindering their saving for retirement, health care costs (45%) were cited most often, followed by rent or mortgage (38%), wanting to live for today (37%), and day-to-day living expenses (35%).