Retirement worries are higher today than they were in 2009 and those most nervous are Americans in their late 30s, according to a recent Pew Research Center survey of 2,508 adults
Yet within this same age group a higher percentage of people have stopped hoarding money in their retirement accounts, the Pew article reports.
Overall, 38 percent of adults say they are “not too” or “not at all” confident they’ll have enough income for their golden years, up from 25 percent in a Pew survey conducted in late February and March 2009.
A whopping 53 percent of adults between the ages of 36 and 40 say they are either “not too” or “not at all” sure that their income will get them through retirement. Only 34 percent of those ages 60 to 64 have the same fears, as do 27 percent of those 18 to 22 years old.
But by fleeing the stock market, many people in their late 30s missed a chance to accumulate wealth for their retirement years, the article notes:
“During this decade of wild market swings, ownership of stocks and retirement accounts, such as 401(k) and thrift accounts, fell among most age groups. But the declines were greatest among those ages 35 to 44. The proportion of adults in this age group who directly held stocks declined by 9 percentage points from 2001 to 2010, with half of this drop occurring before 2007. In contrast, the share of adults 65 and older who directly held stocks declined only 3 percentage points from 2001 to 2010, from 21% to 18%.
“The proportion of 35- to 44-year-olds who held stocks indirectly through retirement accounts also disproportionately fell by 9 percentage points, about double the decline among those younger than 35 or between 45 and 54 years old (4 percentage points for both groups).
“As a consequence, those in the 35 to 44 age group have benefited less from the rapid increase in stock prices since 2009 because they were less likely than their older counterparts to own stock and retirement accounts.”
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