Approximately 49 percent of Americans aren't contributing to any kind of retirement fund, Fox News said, citing a survey by LIMRA, a trade association for the financial services industry.
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Approximately 49 percent of Americans aren't contributing to any kind of retirement fund, Fox News said, citing a survey by LIMRA, a trade association for the financial services industry.
"The findings from this survey were disturbing, given that people will increasingly need to rely on their personal savings to make ends meet in retirement," Matthew Drinkwater, associate managing director at LIMRA's retirement research division, said in a statement.
Less than 33 percent of Americans over the age of 50 have worked with a financial professional to plan their retirement, according to the study. Only 29 percent of people 55 and older said they were confident about saving enough money to last through retirement. Many of the boomers don't ever plan on completely leaving the workforce.
"Although it may make sense to at least plan to work as long as you can," Drinkwater told Fox News, "I don't think many people are going to be able to do that in their 70s and 80s. That is not really the solution. If you look at current retirees, a lot of them say that they retired earlier than expected."
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I can see were it would be difficult for the young to pay for my retirement and health care, and still be able to save for their own retirement.
People are getting the message that working hard and saving and making wise financial decisions is like swimming against the tide.
Don't save money because the government will try and take it from you. Instead, party like there is no More..
I am 34 and I’m obsessive about retirement. I save 6% with my employer putting in 4% into a 401K. I also have a pension. I plan on raising my contribution 1% every two years. My biggest concern is not for me, because I’m pretty sure More..