According to a recent global survey by AXA Equitable, American workers are confident, but not well-informed, about their financial outlook in retirement. For example, 60 percent of workers believe their retirement income will be sufficient, but only one in five actually knows what that income will be.
Workers’ confidence may come from watching their parents live well in retirement:
• On average, U.S. retirees receive $4,243 in net monthly income (including Social Security, company pensions, personal assets and savings, etc.); however, the median (middle point) net monthly income is just $463.
• 98 percent of U.S. retirees are confident with their living standard, claiming they already have everything they need.
However, with Social Security and pensions falling out of favor (about 9 in 10 believe the Social Security program is in trouble or crisis), workers are receiving a wake-up call for retirement planning. In fact, an estimated 65 percent of workers realize they will need to rely on their own savings to get them through retirement.
Of all respondents worldwide, Americans are the least likely to rely on government-managed...
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