Business
Poll: Retirement funding looks to change
Princeton, N.j. | May 10, 2008 12:01:13 AM IST
Current and future retirees in the United States have sharply contrasting expectations about how they will fund their retirement years, Gallup said Friday. A third of those currently retired, in a recent survey, indicated pension funds play a major role in their income and 56 percent indicated Social Security plays a major role. Only 3 percent of current retirees indicated part-time work is a major source of income, Gallup said. But future retirees said they see it differently. The most stunning difference between the two groups is that 20 percent of future retirees who responded to the survey indicated part-time work will be a major part of their retirement income, Gallup said. The percentage is twice what it was in April 2001, Gallup said. A sharp separation was also noted in tax-deferred investment plans. While 20 percent of current retirees indicated tax deferred plans were a major part of their incomes, 54 percent of future retirees indicated they would expect such plans to be a major source of income for their retirement years. The survey of 1,021 adults was conducted April 6-9, and carries a margin of error of 3 percentage points, Gallup said. (UPI)
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