Does this surprise you? A lot of us worry about retirement according to the Employee Benefit Research Institute and many aren’t confident we’ll be financial secure. The latest survey shows:
- 28 percent are not at all confident
- 21 percent are not too confident.
Even though the economy is improving, EBRI’s Retirement Confidence Survey found many realize they need a lot more money for retirement than they’ve saved. And there’s a big gap between what people imagine they need and reality. While many say they need to to save between 20 to 30 percent of their income only 46 percent of those surveyed said they’d done an analysis of what’s needed.
Saving isn’t the most pressing issue
Just 2 percent of workers and 4 percent of retirees identify saving or planning for retirement as the most pressing financial issue facing most Americans today.
Worries right now
Most people say they are worried about their jobs, and trying to make ends meet, and that’s why 41 percent say they didn’t contribute to their employer’s retirement plan.
Debt
Debt is also a factor. 55 percent of workers and 39 percent of retirees say they have trouble coping with debt, and only about half say they could come up with $2,000 if an unexpected need arose within the next month.
This doesn’t sound encouraging. What’s your thought. Comment. Let us know
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It is not surprising that so many people are worried about their lack of retirement savings. On a positive note, let’s hope that some of these people will be proactive and start putting something into a retirement account. Better late than never!
Thanks Joe! We like hearing from you.