Workers’ savings just don’t match expected retirement income, survey finds
September 7, 2021 by Kate Dore
Most workers over age 40 don’t have sufficient retirement savings and aren’t setting aside enough to catch up, according to a survey from the Insured Retirement Institute.
Despite the nest egg shortfall, many still expect to retire early and believe they will have ample retirement income.
More than half of older Americans have less than $50,000 for retirement. But the majority aren’t increasing savings to boost their nest eggs.
Nearly six in 10 workers save less than 10% of their income and a third set aside less than 5%, the survey revealed.