It seems Americans are stressing over retirement – and many are losing sleep over it, according to new surveys.
One by Ramsey Solutions says 56 percent of Americans are losing sleep over retirement. And that includes both those who are saving and those who aren’t.
A second survey, from Schwab Retirement Plan Services says that saving enough for retirement is the top source of financial stress, even for millennials.
First, the Ramsey survey. It says that eight in 10 Americans who feel guilty or embarrassed about retirement lose sleep thinking about their future. The better people feel about retirement, the more sleep they get, according to Ramsey.
Americans who work with a financial adviser are nearly twice as likely as those who don’t to say they are “very confident” that they will have enough money to retire, the report says. They are also more likely to have a six-figure nest egg.
Meanwhile, the Schwab survey of 1,000 401(k) participants, said that having enough money for a comfortable retirement is the most common cause of stress for people of all ages. The most common stress inducers:
- Building adequate retirement savings (40 percent)
- Job security (24 percent)
- Paying of credit card debt (21 percent)
Keeping up with monthly expenses (21 percent)Millennials, despite having more time to save, still named saving for retirement as a major source of financial stress (38 percent). Other causes of financial stress for millennials: monthly expenses, 29 percent; credit card debt (26 percent) and student loans (24 percent).
“With so many competing obligations and priorities, it’s natural for people to worry about whether they’re saving enough for retirement,” said Steve Anderson, president of Schwab Retirement Plan Services. “Roughly nine of 10 respondents told us they are relying mostly on themselves to finance retirement.”
Nearly half of those surveyed said it is impossible to save enough in their 401(k) for a comfortable retirement.