Wow. CNNMoney has an article up today about a recently released survey from the Employee Benefit Research Institute. They surveyed 1153 US workers and retirees older than 25 years of age in January. Here are some of the results:
54% of workers said they have less than $25,000 saved for retirement
24% have delayed their retirement in the past year
27% of workers said they have less than $1000 saved
43% have less than $10,000 saved for retirement
Personally, I think there is a reason that defined benefit plans like pensions have been such a popular thing. It would appear that the majority of people either don’t know how to save, or have never been able to put themselves in a financial position to have the extra money to save at the end of the month. Either way, it doesn’t speak well for our collective future. While I’m glad not to be in any of the statistics above, I still wonder how it will impact me.