TEWKSBURY, Mass. — Nearly one in five in a new AARP survey said they have stopped or reduced putting money into their 401(k)s and individual retirement accounts and 20% have postponed a planned retirement as a result of the current economic slowdown.
The AARP Financial Inc. surveyed 750 adults age 40 or older in preretirement households Aug. 1-21. Respondents had an annual household income between $35,000 and $100,000 and between $10,000 and $150,000 in savings and investments.
The survey revealed that 55% have not set their 401(k) contribution to the maximum allowed and 78% of those eligible have not made a catch-up contribution to a retirement plan. Twenty-two percent of respondents said they do have a formal written plan for retirement.
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