Retirement May Be Out of Reach
The retirement-savings forecast remains bleak, even as the economy recovers. Many workers say they aren’t at all confident about their retirement prospects, according to a survey from the Employee Benefit Research Institute. Worse, many are dipping into their retirement savings to pay for day-to-day needs. And the amount of savings socked away by workers remains extremely low. One positive sign: participants in the research recognize the need to do better, often the first step to building a reasonable nest-egg. “People are recognizing the level of savings realistically needed for a comfortable retirement,” says Jack VanDerhei, research director for the institute and co-author of the report. “We know that far too many people had false confidence in the past. People's expectations still need to come closer to reality, so they will save more and delay retirement until it is financially feasible." More than 1,000 workers and 250 retirees took part in the research. For more about the report, click here.