Gallup: Income, age key in retirement funding expectations - Beckley, Bluefield & Lewisburg News, Weather, Sports

Gallup: Income, age key in retirement funding expectations

Posted: Updated:
  • Local NewsLocal NewsMore>>

  • Woman suffers minor injuries after car rolls on I-77 in Raleigh County

    Woman suffers minor injuries after car rolls on I-77 in Raleigh County

    Wednesday, July 30 2014 10:13 PM EDT2014-07-31 02:13:55 GMT
    Car rolled multiple times on I-77 North in Raleigh County.Car rolled multiple times on I-77 North in Raleigh County.
    In Raleigh County, a woman is miraculously not seriously injured, after her car rolls over on I-77 around 6:30 Wednesday night.An eyewitness tells us the woman was driving in the left lane on the northbound side. She suddenly veered off the road, over corrected,then slammed into the side of a tractor trailer. The car rolled multiple times before coming to a stop on it's roof.The witness says two small dogs ran out of the car. Moments later, the woman crawled out and ran after one of the dogs....
    In Raleigh County, a woman is miraculously not seriously injured, after her car rolls over on I-77 around 6:30 Wednesday night.An eyewitness tells us the woman was driving in the left lane on the northbound side. She suddenly veered off the road, over corrected,then slammed into the side of a tractor trailer. The car rolled multiple times before coming to a stop on it's roof.The witness says two small dogs ran out of the car. Moments later, the woman crawled out and ran after one of the dogs....
  • UPDATE: Suspect in custody in connection with Montcalm shooting

    UPDATE: Suspect in custody in connection with Montcalm shooting

    Thursday, July 31 2014 7:16 PM EDT2014-07-31 23:16:53 GMT
     Emotions were high in Montcalm on Thursday following a shooting. Neighbors were not surprised to hear of the shooting in their area, because they say, violence is unfortunately all too common in their neighborhood.
    Emotions were high in Montcalm on Thursday following a shooting. Neighbors were not surprised to hear of the shooting in their area, because they say, violence is unfortunately all too common in their neighborhood.
  • Environmentalists talk about Mountain Top Removal as Coal Miners Protest in Pittsburgh

    Environmentalists talk about Mountain Top Removal as Coal Miners Protest in Pittsburgh

    Thursday, July 31 2014 6:59 PM EDT2014-07-31 22:59:03 GMT
    As hundreds of coal miners protest in Pittsburgh over the hearing on E-P-A regulations, 59News talks to an Environmental group to get both sides of the controversy."Coal River Mountain Watch" is a non-profit organization organization, out of Whitesville, Raleigh County.The organizations mission is to stop the destruction of our communities and environment by mountain top removal mining, to improve the quality of life in our area and to help rebuild sustainable communities.Mike Roselle a membe...
    As hundreds of coal miners protest in Pittsburgh over the hearing on E-P-A regulations, 59News talks to an Environmental group to get both sides of the controversy."Coal River Mountain Watch" is a non-profit organization organization, out of Whitesville, Raleigh County.The organizations mission is to stop the destruction of our communities and environment by mountain top removal mining, to improve the quality of life in our area and to help rebuild sustainable communities.Mike Roselle a membe...
CHARLESTON, WV -

Although tens of thousands of West Virginians will rely on Social Security in retirement, those who are not retired have different expectations.

Gallup's annual economy and personal finance poll, conducted April 4-14 and released May 20, found that nonretired American's expectations about which sources will fund their retirement differ significantly by their annual household income. Upper-income retirees are much more likely to say investments, such as 401(k), IRA and other retirement savings accounts or individual stock investments and work-sponsored pension plans, will be a major source of retirement income. However, lower-income respondents said Social Security and part-time work would be their major sources.

Gallup sampled more than 2,000 adults, including 1,300 nonretirees.

Gallup found that 65 percent of upper-income Americans expect a retirement account, such as a 401(k) or IRA to be a major source of retirement funds. That figure drops to 44 percent of middle-income respondents and 26 percent of lower-income respondents.

However, 42 percent of lower-income Americans say Social Security will be a major source of their retirement funds, compared to 17 percent of upper-income nonretirees. And age could be a factor.

According to Gallup, younger people are more likely to say they would depend on a retirement account rather than Social Security. However, older generations of workers reported a greater expected reliance on the program.

"Gallup has found that only about one-in-five young adults expect to receive a Social Security benefit when they retire," Gallup reported in the findings. "And even if they do receive a benefit, potential reforms to Social Security may require today's younger workers to wait until a later age to get full benefits or to get a proportionately smaller benefit than today's retirees. Thus, young respondents are looking to sources outside of Social Security to support them after they stop working."

According to Tom Hunter, associate state director of AARP West Virginia, more than 300,000 West Virginians are members of the organization. AARP has advocated in favor of maintaining Social Security.

"While a lifetime of work and saving is reflected in higher net worth, older Americans still have a lower income and struggle with higher out-of-pocket health care and utility costs," Hunter said. "Certainly, the economic turmoil of the last several years has taken its toll on Americans of all ages, particularly the nearly 232,000 retirees in the Mountain State who depend upon the important benefits Social Security provides.  

"AARP wants to help people understand retirement as a life transition, visualize their goals and take the steps needed to build retirement security," Hunter added. "Our members understand better than most the critical importance of planning for retirement security and strengthening Medicare and Social Security to ensure health coverage and a modest income for retirees of all generations."

For those nearing retirement age, Social Security and self-directed retirement accounts play an equal role in funding retirement, Gallup found.