bank rates

Poll: How Will You Fund Retirement?

More Americans today think savings accounts and CDs will be a major source of their retirement funds than at any time in the last decade.

These are the surprising — shocking, really — results of a new Gallup poll on retirement funding expectations.

As interest rates continue to set new record lows, 25% of people who have not retired cited deposit accounts as one of the primary sources they plan to tap for retirement income. The previous high was 23% in Gallup’s 2008 survey.

Overall, 42% of Americans think CDs and savings accounts will be a “minor source” of retirement cash, while 33% said these accounts would account for none of their income, also the most in the last decade.

Some 1,381 people participated in the survey with a margin of error of plus or minus 3 percentage points.

We don’t know what people are thinking when they say these deposit accounts will play a major role, but I suppose you could charitably interpret that Americans believe interest rates will rebound.

The charts below show other areas we expect to be major sources of retirement funds. More than one answer was acceptable.

I find most interesting the expectations based on income.

Chart showing the major ways Americans plan to fund retirement

I wonder if Bankaholic readers would respond to this poll any differently. Our version is below. With our poll, please choose what you expect will be the single dominant source of retirement funds.


What do you expect will be a "major source" of retirement funds?
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