Retirement worries increase, survey says

NEW YORK -- Most Americans fear they will not save enough money for retirement, and nearly half are not counting on the Social Security system to provide the money they need to retire comfortably, a new survey shows.

Ninety percent of Americans say they worry how well prepared they are for retirement, up from the 89 percent who felt that way a year earlier, according to a survey released yesterday by Wachovia Corp., the number four US bank.

Eighty-five percent, meanwhile, said they are no better than ''somewhat confident" that they are saving enough. The survey of 2,100 consumers with household income or investments exceeding $75,000 reflects uncertainties that some investors have over their golden years, and planning for them.

Eighty-one percent of those surveyed said the health of the Social Security system is important to their well-being, and 96 percent said it is important to the country's. But 48 percent fear that the system will not provide enough for them.

President Bush had last year promoted a plan to change Social Security, including allowing younger workers to shift some payroll taxes into private stock and bond accounts.

The plan, however, fizzled, and there are no sweeping proposals being considered in Washington now.

''What we have seen since our first survey is the various Social Security plans raised the awareness level about retirement, leaving investors more proactive about their planning process," said Bob Reid, president of Wachovia's retirement and investment products group, in an interview.

Thirty-one percent of those surveyed, down from 36 percent a year earlier, said they felt intimidated and helpless about retirement saving, and said they weren't saving enough. Another 9 percent also worried, but said they were on the right track. On the other hand, 31 percent, up from 27 percent, generally felt comfortable and thought they were on the right track to retirement. Twenty-nine percent felt they were on the right track, despite being financially unprepared.

''Folks are trying to consider more use of 401(k)s and IRAs, even with savings rates near an all-time low," Reid said. ''You can't rely as much on Social Security or company pensions."