Americans and Retirement: 3 Worrying New Findings
According to the 2014 Retirement Confidence Survey, which was published by the Employee Benefits Research Institute this March, one-third of Americans have less than $1,000 saved for retirement. Moreover, the researchers – Ruth Helman, Nevin Adams, Craig Copeland, and Jack VanDerhei — found that 60 percent of workers have less than $25,000 put away, and perhaps worst of all, that only 44 percent of survey respondents said that they or their spouses have actually taken the time to calculate how much money they will need to live comfortably through retirement.
The report is consistent with a growing body of data that indicates that most Americans are woefully underprepared for retirement. In fact, Mark Fried, president of TFG Wealth Management, told USA Today that the EBRI report “highlights the impending retirement crisis that we will face over the next 20 years.”
The EBRI report avoids any mention of a crisis, but it does call attention to the fact that, “A sizable percentage of workers report they have virtually no savings and investments,” a piece of information that screams bad news down the line. Here are a couple of other pieces of information that help put America’s retirement environment into context.