mature woman working at desk with computer and notepad

As Americans reach the age for retirement communities, many are already planning the next phase of their lives, although a recent study by Transamerica reveals that many Americans are not quite ready for retirement.

In fact, one-third of Americans 50 and older are not confident they will have enough money to retire. In addition, two-thirds feel they will have to continue to work well into their golden years before they can spend them in retirement communities.

The study finds that 61 percent of respondents admit that social security will be their main source of income after retirement. This fact comes despite the fact that many employers have increased the use of contribution plans such as 401(k) to aid retirement savings. Encouragingly, 70 percent of respondents feel they are capable of handling big life transitions such as retirement and 65 percent said they feel in control of their lives in retirement.