One-third have almost no retirement savings

Many people are woefully unprepared financially for retirement, and they shouldn't count on working longer to make up the difference, a new national survey reveals.

Almost a third of workers (28%) say they have less than $1,000 in savings and investments that could be used for retirement, not counting their primary residence or defined benefits plans such as traditional pensions. And 57% say they have less than $25,000, according to a telephone survey of 1,003 workers and 1,001 retirees from the non-profit Employee Benefit Research Institute (EBRI) and Greenwald and Associates. Previous surveys from EBRI and other groups have shown similar savings rates.

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Damian Sylvia

Managing Partner

Retirement Income Solutions