Today's workers are struggling to pay their day-to-day expenses, so it's no surprise even fewer are successfully squirreling away money for the future. And recent research from Deloitte Consulting LLP., shows that most 401 (k)-planning professionals say employees aren't planning ahead and adequately preparing themselves financially for their golden years. Many don't save enough; others started saving too late. "Americans have not been saving and investing enough for retirement," says Stacy Sandler, a principal at Deloitte. "Rising healthcare costs and dropping 401(k) balances have taken their toll on employees. Those factors, combined with record levels of personal debt, high unemployment and low levels of personal savings, continue to paint a highly concerning picture of retirement readiness." On the positive side, overall participation in retirement savings programs is strong, so once the economy turns around many will be in a strong position to begin saving. An estimated 430 retirement-plan professionals took part in the research. For more about the survey, click here.
Dennis McCafferty is a freelance writer for Baseline Magazine.
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