Reduced Expectations Force Americans to Delay Retirement

Even those diminished plans could be at risk because of what BlackRock calls key information gaps that include an insufficient focus on planning and misunderstandings about the financial and demographic realities of retirement. Just 51% of nonretired investors surveyed by BlackRock agree that they know how much to save and more than one-third say they are not confident that they will achieve the annual income they will need for the time they expect to be in retirement.

At the same time, Bank of Americas Fall 2012 Merrill Edge Report shows that mass affluent Americans with $50,000 to $250,000 in investable assets dont feel theyve saved enough for retirement.

More than half of those surveyed say theyve saved less than $250,000 and theyre planning to retire later than they thought they would 12 months ago, according to the report. Top concerns include rising health care costs, concern that their retirement assets will not last throughout their lifetime, and that they won't be able to afford the lifestyle they desire during retirement.

BlackRock found that the majority, 81%, of nonretired investors rate stocks as the most important retirement investment vehicle followed by bonds, at 60%, cash, at 57%, and annuities, at 48%.