More than six in 10 Americans are optimistic about their financial preparation for retirement, according to a study released Monday by the Alliance for Lifetime Income.
For the first time since the organization launched the study in 2018, the number of respondents that reported that they have a source of protected income — a pension or an annuity — has increased. The share of protected U.S. households grew from 37% in 2019 to 40% this year, representing approximately 3.1 million newly protected households.
Despite the optimism, the survey also found that most Americans are winging it when it comes to retirement savings: Almost 80% of respondents said they do not have a specific retirement plan that they follow.
The study was conducted among a census-balanced cross-section of more than 3,000 U.S. adults aged 25 to 74 years.