NEW YORK, March 11, 2014 /PRNewswire/ -- Planning for retirement is something that weighs heavily on the minds of many Americans, according to a new nationwide survey conducted for TheStreet (NASDAQ: TST) by GfK 1. Despite the fact that the majority of those surveyed (85%) think that they need to make sacrifices in the short term in order to save for the long-term, nearly half (44%) worry that they are not doing enough to financially plan for retirement.
"A lot has been written about retirement and how people should be saving more to live comfortably in their old age. But what people are still grappling with is whether there is such a thing as going overboard with retirement savings," said Marilen Cawad, Managing Editor for TheStreet. "It's a tough balance to strike when you want to enjoy your life now, be able to retire comfortably, and still have funds for things like your child's education or unexpected medical bills."
Despite the fact that the majority (85%) believed in sacrificing for the future, of those surveyed:
- More than half (53%) are still worried about having enough money saved for retirement.
- More than a third (38%) are not satisfied with what they're currently putting aside for retirement.
When it comes to choosing between retirement savings and education:
- 32% choose to set aside money for their children's education right now, rather than saving for retirement.
- 29% are worried about having enough to get them through college.
- 40% of 18-34 year olds would rather live the life they want now – having nice things and travelling – than worry about saving for retirement, as opposed to only 28% of 35-49 year olds and 26% of 50-64 year olds.
- 46% of 18-34 year olds worry that they're not doing enough to financially plan for retirement and 31% are not confident that they'll have enough money to live comfortably in retirement.