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Why Americans aren't saving for retirement

Published: Thursday, May 24 2012 11:17 a.m. MDT

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."

EMAIL: bbullock@desnews.com

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