Earlier this week, Encore asked the rhetorical question: “Do you have to be a bleeding heart to believe that it’s hard to save money when you aren’t making money?” The occasion was the publication of the annual Retirement Confidence Survey, which yielded the palm-smack-to-the-forehead statistic that 36% of Americans had saved $1,000 or less for retirement.
We asked Jack VanDerhei, the research director of the Employee Benefits Research Institute (which conducts the confidence survey) to break out some data from the poll that compared savings to household income. He was kind enough to help out, and the data he provided shows just how intensely the problem of scanty retirement savings is concentrated among lower earners.
Chosen excerpts by Job Market Monitor. Read the whole story at Chart shows who’s saving for retirement, who’s not – Encore – MarketWatch.
- US / Expected Retirement Age Continues to Rise (jobmarketmonitor.com)
- US / Retirement / 45 % of all working-age households don’t hold any retirement account assets
- US / 47 per cent of working now expect to retire later survey finds
- US / Retirement damaged by unemployment – A survey
- US / The retirement system fails most americans by creating a few big winners and many losers
- US / 40% of the self-employed are not saving regularly for retirement, and 28% are not saving at all survey finds
- Older Workers in US / Attitudes on work and retirement
- Retiring in US / Drops to No. 11 in Global Retirement Rankings
- Benefits Overview in US / 68 % of workers have access to a pension plan