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