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The Takeaway: Older Americans Feel Better About Their Money
Posted By Elizabeth Nolan Brown On May 22, 2012 @ 7:39 am In Bulletin Today | Comments Disabled
So much of the financial news about older Americans is downbeat. More of them are falling into poverty. A disproportionate number of older workers lost jobs in April. Will they get new ones? Don’t hold your breath.
At last, welcome news: a Gallup survey finds that Americans ages 75 and older are the most likely (72 percent) of all age groups to say they feel good about the amount of money they have. Not only that, they’re the most likely to say they’re satisfied with their standard of living (86 percent); have more than enough money to do what they want (52 percent); and have enough money to buy what they need (84 percent). And what they spent yesterday? They don’t sweat it (90 percent).
See also: 5 Tips for Easing into Retirement.
The next oldest decade – ages 65 to 74 and more likely to be new to retirement – is feeling pretty all right, too. For example, 78 percent of them are satisfied with their standard of living.
Is the biggest thing to fear about retirement fear itself? That’s what those ages 50 to 64 may be telling us. Only 50 percent of them feel good about the amount of money they have. And less than half of them (49 percent) feel they’re headed in the right direction financially.
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