An Established Need

No one needs to be told the importance of saving money for retirement. Most Americans are well aware of the need to set money aside during their working years to ensure a financially secure retirement — and are equally aware of their collective failure in doing so. An annual survey conducted by the non-partisan Employee Benefit Research Institute (EBRI) demonstrates this.

In its 2010 Retirement Confidence Survey,* EBRI found that:

• Only 28 percent of workers expect to be able to retire at age 65 (compared to 50 percent in 1991).
• Only 16 percent say they are confident of having a comfortable income in retirement.
• Only 21 percent say they are doing a good job of preparing on their own for their retirement.
• The percentage of workers who are currently preparing on their own for retirement has declined from 69 percent in 2009 to 60 percent in 2010.
• Over half of the workers surveyed (55 percent) believe they are behind schedule when it comes to planning and saving for retirement.
• Only 46 percent have tried to calculate how much is needed during retirement.
• Nearly seven in ten workers are skeptical that Social Security will continue to provide benefits at least equal value to those received by current retirees.

* 2010 Retirement Confidence Survey, Employee Benefit Research
   Institute (EBRI) and Mathew Greenwald & Associates, Inc. Press
   Release: http://www.ebri.org/surveys/rcs/2010.

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