50% Workers Say They Don't Save Enough for Their Retirement, EBRI Survey Found

05/11/2011 0 comments

Based on Employee Benefit Research Institute's (EBRI) recent survey, 27% of workers are 'not at all confident' about saving enough for their retirement, another 23% are 'not too confident'. Here are some more findings:

  • Little or No Savings: 29% say they have less than $1,000 in savings. 56% say they have less than $25,000 in savings and investments, excluding the value of primary home and any defined benefit plans. 
  • Expected Retirement Age Rising: the percentage of workers who expect to retire after age 65 has increased over time, from 11 percent in 1991 and 1996 to 20 percent in 2001, 25 percent in 2006, and 36 percent in 2011.
  • More Expecting to Work in Retirement: More workers now expect to work for pay in retirement. Seventy-four percent report they plan to work in retirement (up from 70 percent in 2010), three times the percentage of retirees who say they actually worked for pay in retirement (23 percent).

The other recent survey by Fidelity on 11 million 401K participants on Fidelity platform reported the following (a Marketwatch story by Andrea Coombes)

  • Average 401K Account Value: $74,900 at the end of the first quarter.
  • Average 401K Account Value for people who have contributed continuously for 10 years: $191,000.
  • Average 401K Account Value for people who have contributed continuously for 10 years and 55-years-old or older: $233,800.

So for those who are unlucky, the main issues are jobs, jobs and jobs; save, save and save.

For those who are lucky enough with $200K savings, the main issues are preserving capital and growing their nest eggs.

See How to Build a Low Risk, Income Producing Portfolio With Higher Returns article,

or Portfolios like Retirement Income ETFs for better retirement investing.

Symbols: 401K, Retirement, Investing




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