Nearly half of all workers saving for retirement have savings that fall short of the $25,000 mark, according to the 2007 Retirement Confidence Survey by the Employee Benefit Research Institute and Matthew Greenwald & Associates.
As scary as that thought is, some of it is explained away because that percentage includes all working Americans, whether you’re 20 or 60, you’re all lumped together. 68% of those aged 25-34 have less than $25k and 50% of those 35-44 and 33% of those 45-55 also don’t have $25k saved up.
40% of respondents aren’t saving for retirement, 34% have $0 in retirement savings, and 25% have no savings at all.
Okay okay, doom and gloom, people know better right? Wrong! 30% figured they only needed 5x their current income (men need 12 and women need 14, according to the EBRI), 27% figured 5-10x their current salary.
The article keeps going but the information is pretty scary from a bystanders point of view, hopefully you have something saved up and you know better. 🙂
Source: CNN Money
2 responses to “$25k In Savings Puts You Above Average”
Weekly Roundup – 04/27/06…
Here’s a quick look at some of the articles that caught my eye over the past week.
JLP talks about when you should drop collision and comprehensive coverage.
Jim talks about how to talk salaries with your co-workers.
Flexo got a Nintendo Wii. A…
[…] you know that if you have more than $25,000 saved for retirement you’re ahead of the curve? It’s seems remarkably low to me, remarkable and very […]