Optimistic retirement outlook on the rise since the 2008 economic collapse
Nonretired Americans are increasingly optimistic about having a comfortable retirement, according to a new Gallup poll. Almost half (46 percent) of those surveyed currently say they expect to have enough money to live comfortably in their senior years, up from 38 percent last year. While not as optimistic as they were prior to the 2008 economic collapse, nonretirees are more likely to be optimistic about their retirement than they were at points over the last five years, Gallup found.
Gallup attributes the increase to “Americans’ growing confidence in the economy, their increased optimism about local housing prices and the surging U.S. stock market.” They are now as likely to say that they will have enough money to live comfortably in retirement as they are to say that they won’t (47 percent). In 2009, a pessimistic retirement outlook (52 percent) surpassed more optimistic outlooks (41 percent).
Nonretired Millennials are more than twice as likely to say they will live comfortably in retirement (66 percent) as to say they will not (30 percent), while Gen Xers and baby boomers are more likely to take the more pessimistic outlook (55 percent each vs. 38 percent).
Related story: Millennials Looking Ahead, Saving Now, for Retirement. Click here to read more.
Ongoing Millionaire Corner research also finds that Millennials, despite the challenging job market, are upbeat about their financial futures. In a first quarter wealth level study of Main Street investors with a net worth between $100,000 and $1 million, Millennial-aged investors were significantly more likely to say that their financial situation is better today than it was one year ago (57 percent vs. 48 percent of respondents overall) and that they expect to be better off financially a year from now (67 percent vs. 46 percent).
Donald Liebenson writes news and features for Millionaire Corner. He has been published in the Chicago Tribune, The Chicago Sun-Times, The Los Angeles Times, Fiscal Times, Entertainment Weekly, Huffington Post, and other outlets. He has also served as a marketing writer for Chicago-based Questar Entertainment and distributor Baker & Taylor.
A graduate of the University of Southern California, he is married with a college-age son. He also writes extensively about entertainment.