AICPA/Harris poll: tough retirement years ahead for Americans unless they take control now.

Many Americans are headed for tough retirement years and may not be able to maintain their current standard of living, suggests a new poll conducted by Harris Interactive for the AICPA. Harris Interactive surveyed 1,000 U.S. adults during Mar. 2006 under the aegis of the Institute's 360 Degrees of Financial Literacy campaign.

"A distressing gap exists between the public's expectations for retirement and the reality," said Carl George, CPA, chair of the AICPA's National CPA Financial Literacy Commission and CEO of Clifton Gunderson LLP. "Moreover, too many Americans think they can rely on the Social Security and pension safety net to carry them through. The fact is, Americans must realize they have to take responsibility today for planning and saving for their retirement. Otherwise, they may fred themselves working far longer than they anticipated or at a lower standard of living."

According to the poll, almost half of Americans--46%--expect to fund their retirement through Social Security and pensions, and an equal number expect that their retirement funds will last them 10 to 20 years. Nearly one in four Americans, or 23%, has not yet begun to save for retirement. Although almost half of Americans--47%--indicate they have started saving, they also admit they have a long way to go. Forty-three percent of individuals under the age of 35 are less likely to have begun saving.

"This is where the gap between perception and reality is...