Retirement info: Most people have very little tucked away for retirement, and many arent even trying to figure out how much theyll need later in life, a new national survey reveals. About 36% of workers have less than $1,000 in savings and investments that could be used for retirement, not counting their primary residence or defined benefits plans such as traditional pensions, and 60% of workers have less than $25,000, according to a telephone survey of 1,000 workers and 501 retirees from the non-profit Employee Benefit Research Institute and Greenwald and Associates. Only 44% say they or their spouses have tried to calculate how much money theyll need to save by the time they retire so that they can live comfortably in their golden years, the survey shows. Workers who have done calculations on what they need to save tend to have higher levels of savings than those who havent crunched the numbers. If people are way behind in saving for retirement, they may need to work longer at their current job or get a second job to help fill the savings gap. Piershale says. If you had the idea that you were going to retire at 62 or 65, and you dont have enough saved up, then you have to keep working. Other survey findings: • Debt is weighing heavily on many people, with 58% of workers and 44% of retirees saying they have a problem with their level of debt. • Like workers, many retirees are also short on funds, with 58% of them having less than $25,000 in savings and investments, not counting their primary residence or defined benefits plans (traditional pensions); and 29% having less than $1,000. • Although 65% of workers plan to work for pay in retirement, only 27% of retirees say they are working for pay during their golden years. Total savings and investments reported by workers, not including value of primary residence or defined benefit plans such as a traditional pension. Less than $1,000, 36% $1,000 to $9,999, 16% $10,000 to $24,999, 8% $25,000 to $49,999, 9% $50,000 to $99,999, 9% $100,000 to $249,999, 11% $250,000 or more, 11% Total savings and investments reported by retirees, not including value of primary residence or defined benefit plans such as traditional pensions: Less than $1,000, 29% $1,000 to $9,999, 17% $10,000 to $24,999, 12% $25,000 to $49,999, 8% $50,000 to $99,999, 7% $100,000 to $249,999, 11% $250,000 or more, 17% usatoday/story/money/...vings/6432241/ gonna be some old ass dudes in the work force
Posted on: Thu, 20 Mar 2014 22:48:22 +0000
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