An article in the Wall Street Journal “When a Nest Egg Looks Ready, But Isn’t” addressed the recent Retirement Confidence Survey released by the Employee Benefit Research Institute- a survey of American workers and their preparations for retirement. This survey revealed that although many workers believe they are prepared or will be prepared for retirement (75%), many aren’t seeing their true financial picture.
- 43% of workers surveyed aren’t currently saving for retirement
- 56% haven’t calculated how much they will really need for retirement
- 68% aren’t sure that Social Security will continue to provide benefits of greater or equal value to those provided today
- Only 22% have saved more than $100,000 for retirement
- Only 19% sought investment advice from a professional
Have your Plan’s participants have made use of the Plan’s available advisement tools or financial calculators?