What will be the source of your retirement income? Gallup recently asked more than 2,000 American adults that very question, and the top answer, not surprisingly was a 401(k), IRA, or other retirement savings account. But what may be surprising is that less than half of Americans - 46 percent - cite those accounts as a major source of income in retirement.
So what else is there? Thirty percent say they plan to rely on Social Security; 24 percent on a savings account, and 21 percent on part-time work. Only 9 percent planned to derive significant income from annuities or other types of insurance plans.
The responses differ greatly as you move up the ladder in income. For upper-income people (those who currently have more than $75,000 in annual income), 65 percent of them cite a 401(k) as a major source of income, up from the 46 percent overall rate. And the number in that cohort citing Social Security drops all the way down to 17 percent.
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