Americans generally not prepared for retirement

The latest Employee Benefit Research Institute survey is out, and it’s not pretty (and hasn’t been since I started following it).

Only 14% of Americans are very confident they will have enough money to live comfortably in retirement.

Employment insecurity is the most pressing financial issue facing most Americans.

60% of workers have less than $25,000 in savings and investments (!) outside their home and defined-benefit plans (pensions).

Half of retirees said they left the workforce unexpectedly (due to health problems, disability, layoffs, or their employer closing)–meaning that most of those expecting to work longer won’t really have that option.

I don’t know if retirement just seems too far in the future, or if the virtue of thrift has gone by the wayside, but most Americans aren’t doing what it takes to prepare for their future.  

They may heartily blame someone else, but “truth be told, if you are looking for the guilty, you need only look into a mirror.” 

Nothing in this blog should be considered investment, financial, tax, or legal advice. The opinions, estimates and projections contained herein are subject to change without notice. Information throughout this blog has been obtained from sources believed to be accurate and reliable, but such accuracy cannot be guaranteed.

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Americans generally not prepared for retirement

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