While many employees and retirees hope to stretch their 401(k) plans well beyond their original purpose, 84% of polled executives responsible for such plans say only some or very few employees will be financially prepared for retirement, a new Deloitte survey says.
“From this survey we’ve learned that for the past several years Americans have not been saving and investing enough for retirement,” says Stacy Sandler, principal, Deloitte Consulting LLP. “Rising health care costs and dropping 401(k) balances have taken their toll on employees. Those factors, combined with record levels of personal debt, high unemployment and low levels of personal savings continue to paint a highly concerning picture of retirement readiness.”
