Even though 68% of workers are saving for retirement, nearly half (46%) have less than $10,000 saved for retirement, and 50% are not confident they will have enough money to live comfortably in retirement, a survey by the Employee Benefits Research Institute found.
In addition, 50% of workers are not sure they will have enough money to pay for medical expenses in retirement, and 47% of older baby boomers are at risk for inadequate retirement income. Among Generation X, 45% are at risk for inadequate retirement income. Further, only 42% of workers have tried to calculate how much money they need to save for a comfortable retirement.
“America is facing a retirement crisis, one that baby boomers are realizing today and looms for generations to come,” says Insured Retirement Institute President and CEO Cathy Weatherford. “While the good news is that workers are saving, unfortunately they are doing so at levels that will not sustain a financially secure retirement.”
Lee Barney is an editor at Money Management Executive, a SourceMedia publication.
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