The majority of Americans know they’ll need to rely on their retirement savings as an income source when they hit their senior years.
In fact, according to Fidelity, 61% of people currently working and planning for retirement believe that their savings will be one of their biggest income streams. That’s up from 50% of today’s retirees who say that IRAs, 401(k)s, and other retirement plans are a primary income source.
Even though most people know they need retirement savings, not everyone is confident they’ll have it. Fidelity’s research also revealed that 62% of savers are uncertain whether their money will last as long as they need it to. This concern extends across all generations — but Fidelity’s research also found that one particular generation was facing the biggest challenges when building a nest egg.