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Save less, work longer

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Save less, work longer -

Researchers tell us that the age of the intended retirement for American workers increases and people planning to work longer, as opposed to saving more.

Mathew researchers Greenwald & Associates, Inc. and the Employee Benefit Research Institute reported that only 68% of American workers said they or a spouse had tried to save for retirement , down from 75% in 09. the percentage of workers who said that it is reasonably possible for them to save $ 25 a week for retirement fell to 62% from 66% in 04.

only $ 100 a month or $ 10 per year. At this low rate, these workers do not expect to be retired for long. The percentage of workers who expect to retire after 65 years increased to 36% from 25% in 06, and the percentage who expect to work in retirement has increased to 74% from last year. The researchers found that workers with less than $ 100,000 in savings are especially nervous about retirement.

This is a truly incredible number of this research. More than half of workers (56%) indicated that the total value of savings and investments in their household, excluding the value of their primary residence and any defined benefit plans, was less than 25 $ 000, and only 42% of workers said they or their spouses have tried to calculate how much money they might need to save to live comfortably in retirement.

Although the report does not give income range of people involved in the study, I found the lack of understanding and preparation for the shocking retirement. As an industry involved in financial and retirement planning, we must do a better job of providing financial literacy to guide people in these decisions and to motivate them to take action. This is the purpose of the LIFE Foundation.

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