More People Know They Are Not Saving Enough
A growing number of Americans say they’re not putting away as much as they should for retirement, a shift in attitude that experts believe could lead to improved saving practices in the future, a survey said.
A survey released Thursday by Fidelity Investments, the Boston-based retirement services provider, found that 83% of workers recognized that they were saving too little for retirement, up from 78% a year ago.
“That’s a tremendous jump in awareness,†said Robert L. Reynolds, Fidelity Investments’ vice chairman and chief operating officer. “And I think it is only going to continue to grow over time.â€
He said that such a mind shift could result in workers taking action to improve their retirement preparedness.
The survey found that American workers were saving at a rate that would allow them to replace about 57% of their pre-retirement income after they stop working.
The figure -- which factors in Social Security benefits, pensions, workplace savings and private savings -- means that a family living on $50,000 a year would see its income drop to about $30,000 in retirement.
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