Americans may splurge, but it’s definitely not on retirement
You may think you’re stashing away more than enough money for your retirement, or you might not think about it at all. The Employee Benefit Research Institute just issued its 20th annual Retirement Confidence Survey, which revealed that Americans aren’t saving up. The number of those with little or no retirement savings is up for a third straight year, with 43% having saved less than $10,000, and 27% less than $1000. The bad economy and job market have definitely affected retirement plans, as has overspending. Will social security be enough to get you through? Perhaps it’s time to re-think buying that sports car…
Jack VanDerhei, research director of the Employee Benefit Research Institute, a private, nonprofit, nonpartisan organization committed to public policy research and education on economic security and employee benefits.