Half of Americans who are not yet retired think they will have enough money to live comfortably after they retire, according to a Gallup poll.
This is the first time since 2007 that more Americans think they will be able to live comfortably than fear they will not be able to—although they are only slightly more likely to believe this.
Prior to 2008, a majority of non-retired Americans consistently thought they would be able to live comfortably in retirement. But this dropped to 46% early during the U.S. recession in 2008 and stayed below 50% until this year. In 2012, fewer than four in 10 non-retirees thought they would have enough money to live comfortably in retirement.
Notably, whereas 50% of non-retirees expect to live comfortably in retirement, this is lower than the 77% of current retirees who say they have enough money to live comfortably. The percentage of retirees who report they are currently living comfortably also slightly exceeds the percentage of non-retirees who say they are currently living comfortably (69%).
“This uptick in confidence in having enough money to retire comfortably may be related to the recent rises in the stock market,” notes Gallup.
And while 401(k) accounts dropped in value during the financial crisis, many are regaining their value, which could be easing Americans’ fears about having a comfortable retirement.
Related articles: