The Employee Benefit Research Institute is reporting that although 25% of workers are very confident they would have enough money for retirement, 22% of the very confident group said they aren’t currently saving and another 39% said they have less than $50,000 in savings. In fact, 65% of the respondents to the survey have less than $50,000 stocked up for retirement. Which isn’t nearly enough to cover the expenses of retirement.
What this means is if the survey reflects the average, we all need to take a careful look at how our expectations for retirement compare with our actual savings. Also, if we are already saving, it is always a good time to step up the amount and frequency of the contributions to the account. The sooner the better.
It might not be fun socking away that money for the future, but you’ll be much happier than those who are deluding themselves.
Link: The 2006 Retirement Confidence Survey
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That is fascinating. I’m just not sure how the thought process works. Who are these people thinking they’re set for retirement with $50k. That would be true if they were like 92 when they retired.
Its not that they think they can get by with only $50k. They aren’t making the connection between the reality ($50k in savings) to what they feel they have.