Report: Most Working Americans Not Saving for Retirement by Herb Weiss Retirement After a Lifetime of Work Now for Senior Digest Is a Middle-Class Nightmare
Connelly Law Offices, Ltd. proudly announces our new satellite office in Mystic, CT located at 18A Stafford Street, Mystic, CT 06355 • 855-724-9400 Volume 15, No. 2 February 2019 Report: Most Working Americans Not Saving for Retirement By Herb Weiss retirement after a lifetime of work now For Senior Digest is a middle-class nightmare. Even among workers who have accumulated savings in Less than four months ago, a research retirement accounts, the typical worker had report released by the Washington, D.C.- a low account balance of $40,000. This is based National Institute on Retirement far off-track from the savings levels Amer- Security (NIRS), using an analysis of U.S. icans need if they hope to sustain their stan- Census data, found that even with the na- dard of living in retirement.” tion’s economic recovery, savings levels of American’s Not Prepared for working age Americans are inadequate for Financially Surviving Retirement Years America’s retirees to rely on. Findings in NIRS’s 32-page research re- The NIRS report provides analyzes the port, “Retirement in America: Out of Reach U.S. Census Bureau’s Survey of Income for Most Americans?,” released on Sep- and Program Participation data released in tember 18, finds that more than 100 mil- 2016 and 2017. Researchers took a look at lion working age individuals (57 percent) workplace retirement plan coverage, retire- do not own any retirement account assets, ment account ownership, and retirement whether in an employer-sponsored 401(k)- savings as a percentage of income, and type plan or an IRA nor are they covered estimates the share of workers that meet by defined benefit plans.
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