Middle class America is expecting to push out full retirement even later due to financial worries. We’re also expecting to have to save more. Yet almost half of us haven’t worked out how long we can last on what we’ve got already.

According to Wells Fargo’s new survey:

• Almost half said that they expected to continue in the same job or a similar job of similar responsibility (expecting the same income level, we presume).
• More than half said they need to significantly cut back on spending now to save for retirement.
• More than 25% of 20-30-year-olds expect no income at all from Social Security during retirement.

Another new report, “The Financial Recovery for Retirees Continues“, released by The Society of Actuaries, LIMRA and the International Foundation for Retirement Education offers this finding:

• The number of people who have NOT yet estimated how long their assets will last in retirement INCREASED significantly (to 46% from 38% last year).

Let’s review these results.

• We know we have to work longer.
• We’re hoping to make the same pay in the same jobs well into retirement.

But,

• We haven’t worked out if we actually have enough to retire based on what we have now.
• We think we need to save more than we are managing now in order to retire comfortably.

No wonder so many of us are worried and preoccupied. Except, of course, for the ones who are just burying their heads in the sand!

Sounds like a lot of us could benefit from a Financial Assessment and some Next Steps guidance.

Fear can certainly be a motivator. For some it takes a tangible, in your face type fear like “I will lose my car if I can’t make the balloon payment that’s due in three months”. The force behind saving to avoid losing your wheels can be powerful.  But when the pain goes so away, often so does the temporary positive behavior. But still, something kicked in that worked.  I call this phenomenon, “adrenaline induced” financial behavior change.

Others are learning that adrenaline inducing techniques can work in more sustained, positive ways.

Inspired by a Harvard professor who combined the attraction of winning prize money with a savings program, a group of credit unions in Michigan created the “Save to Win” program. Members who put $25 or more into a Save to Win one-year CD are entered into a monthly “savings raffle” for prizes up to $400, plus one annual drawing for a $100,000 jackpot.

The outcome?   In a 6 month period the program attracted over $3 million in new deposits – many of which were from people who not been successful saving in the past.

Changing our financial heart rate, whether it’s a chance to lose big or win big looks like it has real possibilities. For me, longer term financial outcomes can change my heart rate if I let myself dream about something of value in vivid detail.

What financial outcome, if you really thought about it, would elevate your heart rate? If you can get really “pumped” about it, change will not be far behind.