What, Me Worry? . .

June 2004
Journal of Financial Planning;Jun2004, Vol. 17 Issue 6, p24
Academic Journal
The article provides information on the results of the 2004 annual retirement survey by the Employee Benefit Research Institute and the American Savings Council. The survey concluded that people in the U.S. may not be saving much for retirement but they are not worried about it either. Findings of the survey include that a third of workers have not saved anything, yet nearly half of them still believe they will have enough by retirement time; 30 percent of those ages 45 to 54 and 29 percent of those 55 and over have savings and investments, excluding their home, of less than $25,000. 44 percent of those 55 and over have less than $100,000 in savings and investments and 13 percent have more than $250,000; even though 39 percent of current retirees in the survey say their current income is about what it was before they retired and 13 percent say their income needs are higher, only 8 percent of current workers think they will need about the same amount of post-retirement income as pre-retirement income; 10 percent think they will need less than 50 percent of pre-retirement income; 81 percent do not know the correct age they will be eligible for full Social Security benefits; and, 70 percent plan on working during retirement, but 37 percent of current retirees were forced to retire earlier than planned due to health problems or unemployment.


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