May 1, 2015 12:12 am
The survey found that 35 percent of those with a retirement plan, either personally or through a spouse, have saved at least $100,000, though just 23 percent have calculated retirement needs.
Worker confidence in the affordability of retirement has inched upward in various areas, including basic expenses, medical expenses and long-term care expenses. Workers are also somewhat more confident that they are adequately preparing financially for retirement. Retiree confidence has increased substantially, as well.
Additionally, both workers and retirees are less likely to describe their level of debt as a problem. The types of debt most frequently reported are mortgages, credit card debt and car loans.
Many Americans, however, are not taking the necessary steps to afford retirement, the survey suggests. For workers without a retirement plan, savings remain low and only a minority appears to be taking basic steps needed to prepare for retirement. Sixty-four percent of those without a retirement plan say they have saved less than $1,000.
For half of workers, cost of living and day-to-day expenses are most detrimental to savings. Nevertheless, many workers say they could save a small amount more – 69 percent state they could save $25 a week more than they are currently saving for retirement.
Published with permission from RISMedia.