This Just In ...
Retirement Savings Still Out of Reach for Many Americans
Will your employees have enough money to retire when they want to? If they're like most Americans, the answer is no.
U.S. Census Bureau data indicates that 57 percent of people who are employed do not have any retirement account assets in an employer-sponsored 401(k)-type plan, an individual account or a pension. In addition, four out of five have less than one year's income saved in retirement accounts.
Justice in Aging, a nonprofit, says that stagnant wages make it difficult for Americans to save, particularly women and minorities who typically face lower lifetime earnings.
Another challenge, according to the Pew Charitable Trusts, is that only two-thirds of private-sector workers have access to a retirement savings plan through work. Employees who have access are 15 times more likely to save for retirement than those who don't have access to a 401(k) plan.
Even workers who have access to a 401(k) either do not take advantage of tax-advantaged savings or – as the Pew Charitable Trusts discovered – don't have the educational background or financial resources to understand how to make informed investment decisions. Experts say not taking full advantage of a 401(k) is one of the biggest mistakes people make when it comes to retirement planning.
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