43 percent of US workers, retirees have under $10K saved for retirement
American workers are ill-prepared for retirement.
Dave Swoyer (r.) stands near his father John Swoyer in his father's home Wednesday, Feb. 3, in Barrington, N.J. John, a widower, has asked his son, Dave, for financial help. Baby boomers and others saving diligently for their later years may be taking bigger risks than they realize if those plans don't include contingencies for their older parents.
AP Photo/Mel Evans
If you鈥檙e worried about retirement you鈥檙e not alone. A new survey out today shows that Americans are increasingly ill-prepared for retirement. US Workers are delaying their planned career end dates to instead focus on building just a basic nest egg.
According to CNNMoney.com:
鈥淭he percentage of workers who said they have less than $10,000 in savings grew to 43% in 2010, from 39% in 2009, according to the Employee Benefit Research Institute鈥檚 annual Retirement Confidence Survey. That excludes the value of primary homes and defined-benefit pension plans.
鈥淲orkers who said they had less than $1,000 jumped to 27%, from 20% in 2009.
鈥淐onfidence in ability to save enough for a comfortable retirement hovered at 16% of respondents, the second lowest point in the 20-year history of the survey鈥�
鈥溾�he percentage of workers who said they have saved for retirement fell to 69%, from 75% in 2009.鈥�
The fact that only 16 percent of respondents believe they are saving enough for a comfortable retirement, a 20-year low, is an especially bad sign. It鈥檚 worse still if you consider that many of these workers may also believe they have some underlying financial support from two of the US government鈥檚 most egregious unfunded liabilities: Social Security and Medicare. These days, the nation鈥檚 retirement safety net is looking more threadbare than ever.
For more details visit CNNMoney.com鈥檚 coverage of how .
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