If an individual does not save for retirement, that individual is compromising the quality of life after retirement. More than half of the workers in the United States are afraid that they are not going to be financially secure when their time to retire rolls around, and many even say that they will most likely have to keep on working, according to study by the Financial Services Forum, Reuters reports.
"The results of this survey show us that for a comfortable retirement, Americans are going to need to become far more serious about their retirement savings," Forum CEO Don Evans said.
Apparently, 52% of all the adults polled are worried about financial security after retirement, yet not many seem to be doing anything to address their worries. In fact, 29% of adults avoided saving for retirement, and one of four workers nearing retirement saved absolutely nothing last year.
Retirement is a never-ending dilemma, which is why lawmakers are looking to strengthen pension funding. The poll also shows that younger workers expect to rely less on Social Security and more on 401(k) and other retirement savings vehicles.
The staff of Money Management Executive ("MME") has prepared these capsule summaries based on reports published by the news sources to which they are attributed. Those news sources are not associated with MME, and have not prepared, sponsored, endorsed, or approved these summaries.