28 percent of Americans say they will never be able to retire

Published: Wednesday, March 20 2013 2:25 p.m. MDT

Sheli Craven, a nurse at the Riverton Hospital, says she is lucky to have the job because the recession has forced part-timers into full-time work and those who were scheduled to retire can't afford to. In a recent survey, 28 percent of Americans said they don't think they will ever be able to retire due to lack of finances.

Scott G. Winterton, Deseret News

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Retiring is a hope that 28 percent of Americans said they will never be able to afford, according to an article by the Wall Street Journal.

In a study that has covered 23 years, the report indicates this is the highest percent of those who have no confidence in being able to retire. Even for those who are planning on retirement, savings were reported down.

Of the U.S. workers surveyed, 57 percent have less than $25,000 in household savings and investments not including a home.

The problem of low savings is increased as the life expectancy rate grows, the article indicates. Even the amount of workers saving has dropped from 75 percent in 2009 to 66 percent now.

More companies are getting rid of traditional pensions, accoring to the Wall Street Journal. The pensions have become a much smaller component to retirement savings over the past 30 years.

EMAIL: alovell@deseretnews.com

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