New Poll Shows Middle Aged Shift To 401(k)s For Retirement Savings, But Many Still Count on Social Security

A new Wall Street Journal / Harris Interactive poll highlights the generational shift in American's retirement savings plans.

When asked what source of funds they expected to rely on most during retirement, middle-aged people 45-54 proved very different from those 55+. Many fewer expect to rely primarily on employer-based pensions (16%, down from 27% for 55+); many more say they'll count on their 401(k)(21%, up from 5% for those 55+). They still hold out some hope for Social Security, with 31% believing that will be their principal source of retirement income.

Older respondents (55 and up) were fairly evenly split between counting on Social Security (35%), employer-based pension (27%), and personal savings / investments (also 27%). Only 5% say their 401(k) plan will be their leading source of income.

Younger respondents count far less on Social Security (19%) and essentially ignore employer-based pensions (4%). They believe they'll have to rely on their personal savings (49%) and 401(k) (19%).

Here's the relevant table: