43% have less than $10k for retirement

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Wed, Mar 10, 2010 - 11:09pm
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43% have less than $10k for retirement

Article confirming a general failure to save for retirement:

http://money.cnn.com/2010/03/09/pf/retirement_confidence/index.htm

Quote:
The percentage of workers who said they have less than $10,000 in savings grew to 43% in 2010, from 39% in 2009, according to the Employee Benefit Research Institute's annual Retirement Confidence Survey. That excludes the value of primary homes and defined-benefit pension plans.

Workers who said they had less than $1,000 jumped to 27%, from 20% in 2009.

...

In general, financial planners say that retirement savings, including Social Security benefits and pension, should be large enough to provide about 80% of pre-retirement income.

To reach that target, "most Americans need to be saving within the healthy range of 6% - 10% (of their salary)," said Beth McHugh, vice president of workplace investing for Fidelity Investments.

But the survey found that 54% of the workers with some form of savings said that they have less than $25,000 stowed away.

...

The EBRI surveyed 1,153 U.S. workers and retirees, age 25 and older, in January.

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