Four in 10 don’t ever expect to afford retirement
Four in 10 working Americans say they will
never be able to afford to retire, a Harris
Interactive survey of 1,005 adults for the American
Institute of Certified Public Accountants found.
In addition, 55% do not know how much they will need to
afford retirement, and among those who think they know, they
are low-balling the figures. Asked how much they would need for
a 20-year retirement starting at age 65, those earning $50,000
to $75,000 gave a median estimate of $250,000.
Perhaps more startling is the fact that 56% of Americans
say they cannot afford to save, and 29% say they are
financially worse off than they were a year ago.
“These statistics suggest we are on the verge of a
retirement crisis in America,” said Jordan Amin, chairman of
the National CPA Financial Literacy Commission. “Americans
don’t know how to prepare for their twilight years, and many
have put off figuring it out because they’re struggling to make
ends meet now.”
Amin added: “Here’s the best advice I can give for retirement
© 2011 Employee Benefit News and SourceMedia, Inc.
This article originally appeared in Employee
Benefit News, a SourceMedia