Retirement Income: Majority of Americans 55-75 Unsure About Retirement Income

January 5, 2011 Updated: January 5, 2011

Retirement income and finances have befuddled two-thirds of Americans between the ages of 55 and 75, according to a report released Wednesday.

Bankers Life and Casualty Company Center for a Secure Retirement (CSR) conducted a study, which found that 63 percent of Americans in the aforementioned age group with incomes between $25,000 and $75,000 were uncertain, and half did not seek professional advice on the matter.

Of those who felt it unnecessary to get professional advice, 84 percent said they do not need it. Some felt they could do it on their own, some felt they do not have enough money to work with an advisor, and others felt it too expensive.

The study found that 63 percent of those surveyed spend less than one hour per month planning. Around 36 percent do no research at all.

Last week, the Wall Street Journal reported that many employees did not accurately know when their company-provided retirement packages would take effect.

In the report, the Journal, citing North Carolina State University, found that 56 percent did not know their pension would be a percentage of their salary.

On average, employees only correctly answered around half of the questions in surveys regarding national and company retirement programs.

Only 37 percent knew that 66 is the normal Social Security retirement age. The majority knew the early retirement age for Social Security.

And only 36 percent of surveyed persons could name the earliest age that they were eligible to retire from their company with pensions.