Via LearnVest By Cheryl Lock ~
Ready for the retirement news of the day?
According to a new report by the Employee Benefit Research Institute, 57% of U.S. workers reported total household savings and investments, excluding their homes, at less than $25,000. In 2008, the number of people who reported having that amount was 49%.
It gets worse 28% of the respondents also said they had no confidence they would have enough money to comfortably retire, which is the highest level this particular study has seen in its 23-year history. (This makes sense, given that the percentage of workers who have saved for retirement has dropped to 66%, down from the 75% who were saving in 2009.)
Of course companies aren’t faring that well in these rough economic climates, either. A report from the Society of Actuaries found that rising life expectancies could cost companies up to $97 billion in pension liabilities.
News of the less-than-stellar retirement savings comes as fewer and fewer Americans have pensions to look forward to in their retirement years. In fact, U.S. workers covered with such plans fell from 28% in 1979 to just 3% in 2011.