There’s growing expectations among working Americans that they will live comfortably in retirement. In fact, the positive feelings are higher than they have been since 2004, according to a recent Gallup survey, with 57% of non-retirees anticipating a comfortable retirement.
While the results suggest an upbeat view of the nation’s economy, as well as their own personal finances, is coloring people’s retirement outlook, only one-quarter of Americans who are employed or have an employed spouse say they’re currently saving enough money for retirement.
These working adults—many of whom have known for years the Social Security system could run out of funds before they retire—remain far less likely to rely on the system as a major source of retirement income, with only 33% of non-retirees expecting to do so, compared to the 57% of retirees who do currently.
Instead, nearly half of today’s non-retirees (47%) are banking on other sources of savings, such as 401(k)s and IRAs, to carry them through their later years.