Coloradans fear a rocky road to retirement
Study reveals high anxiety about economic security
Preparing for life after work is no picnic. A recent study by the National Institute on Retirement Security reveals 82 percent of Coloradans believe the nation is facing a retirement crisis.
The report, What do Coloradans think about Economic Security in Retirement? It's a Rocky Road to Retirement, was released March 1 to coincide with America Saves Week, an annual opportunity for organizations to promote saving.
Findings indicate that the majority of locals agree that the nation currently faces a retirement crisis. Some 72 percent say economic conditions affect their ability to secure retirement, citing rising long-term care costs, salaries failing to keep pace with cost of living, and other factors that are making retirement seem unattainable.
About seven out of 10 Coloradans regard retirement benefits as a high-priority job feature, while some 65 percent say they are willing to sacrifice pay for guaranteed retirement income. According to the Bell Policy Center, nearly 900,000 members of the private sector in their prime working years are not participating in a pension or 401(k) retirement plan through their employers; while 80 percent of that group does not have retirement plans offered through their place of work.
Key findings further reveal:
- 82 percent of Coloradans worry about their economic security.
- 80 percent say they are preparing for more secure retirements by working as long as possible.
- 79 percent say the disappearance of pension plans is harming their ability to achieve the American dream.
- 69 percent place a high value on retirement benefits when making job decisions.
- 62 percent say they are preparing for retirement by cutting spending.
- 58 percent say they are preparing for retirement by saving more now to ensure financially secure futures.
The research for this study was conducted by NIRS and market research firm, Greenwald & Associates in November 2016 with statewide phone interviews of 400 Colorado residents. The goal was to assess their views on economic security in retirement.