Almost six out of ten older Americans with lower incomes (57 percent) feel not too confident or not confident at all that they will have enough income and assets to last them throughout their retirement years, or they believe they won't be able to retire at all. That's what the results of a September Pew Research Center study show. While a large majority of Americans aged 65 and over with middle or upper incomes are somewhat, very or extremely confident they will have enough money for their retirement, only 42 percent of those with lower incomes felt similarly.
This is far from surprising: according to data published in June by asset management firm Vanguard, the average balance of employer-sponsored retirement plans such as 401(k)s among workers making between $100,000 and $149,999 a year was four times higher as for workers making between $30,000 and $49,999. Those with middle and higher incomes were also much more likely to feel they are aging very or extremely well.
