How Many People Have A Retirement Plan?
61667 POINTSview profileSteve SavantSyndicated Financial Columnist, Host of the weekly talk show Steve Savant's Money, the Name of the Game, Scottsdale ArizonaIn a recent CNN Money article, the publication cites staggering statistics on retirement readiness of the baby boomer generation. It state s that 60% of American workers have less than 25% in savings and investments, excluding their retirement plans and home equity. But their retirement plans are woefully underfunded with little home equity.Answered on September 7, 2013flag this answer
21750 POINTSview profileJim WinklerCEO/Owner, Winkler Financial Group, Houston, TexasThat is a great question! The really short and really scary answer is not enough. And of those who do, the majority have found that it is nowhere near enough. The average retirement fund has enough to provide for three years of current standard living, but the average lifespan after retirement is fifteen years. What is going to happen those last twelve? Add to that the rising costs of skilled care, (70% of Seniors will require some at one point) and even the little savings disappear quickly. Unfortunately, we don't emphasize teaching people about retirement preparation, and as a result, 55% of our Seniors live in poverty, and depend upon public programs that will soon be bankrupt to survive. I sincerely hope that isn't you, one day. If you are afraid it is, please contact me. Thanks for asking!Answered on July 7, 2014flag this answer
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