Americans Losing Sleep Over Retirement Benefits Savings: Survey

August 15, 2016

The negative thoughts and genuine concerns people have with regard to their retirement benefits savings are making them lose their sleep. This fact was highlighted in a survey. It was also revealed that the percentage of people who save for retirement and still lose sleep is higher than the people who are not even saving for retirement. Experts say that it is clear that Americans need better education of retirement to stop worrying too much and lose their sleep.

The Survey States How People Feel about Retirement Benefits Savings

The survey that highlighted the fact that the Americans are losing sleep over retirement was done by Ramsey Solution which is a leading financial education firm. The aim of the survey was to find out how retirement affects the sleep patterns and stress levels of people. The survey was done with the help of a third-party research panel in February and March this year. The survey respondents consisted of more than 1000 U.S. adults.

The survey has uncovered the fact that 56 percent of Americans are losing sleep due to retirement. It also exposed the fact that eight out of 10 Americans are losing sleep because they feel ashamed, embarrassed and guilty about retirement. In contrast, less than half people who feel confident or excited about their future lose their sleep.

Retirement Savings do not Guarantee Sleep

The survey also found out that saving for retirement does lead to positive feelings, confidence and excitement for retirement but still it is not guaranteed that a person would get enough sleep. Over 60 percent of people who save towards retirement benefits still lose sleep. In contrast, the percentage of non-savers who lose sleep is about 50 percent.

Gen X Concerns

About half of the people belonging to the Gen X have admitted that they are afraid of losing their money even when they are actively spending time in learning about saving enough for retirement and doing the same.

The Expert Opinion

The renowned author, financial expert and spokesperson for Ramsey Solutions Chris Hogan thinks that people are losing sleep over retirement benefits savings because they don’t have any idea about how much money they would require for living comfortably during the retirement years. If they gain this knowledge, their stress related to retirement would lessen and they will have a clear path to all their retirement goals.