by CareyAnn Peterson
Fewer than half of Americans have calculated how much they need to save for retirement. Even though we are consistently prodded with advertisements and resources urging us to estimate how much we will need, Americans are still choosing to ignore the advice of financial experts.
LIMRA reported results from a survey they conducted this year inquiring Americans about their contributions to a retirement plan. They found that nearly half of those surveyed were not making contributions. Another astounding statistic is the amount of savings and investments that Americans reported in 2012. In the Retirement Confidence Survey conducted by the EBRI, they found that nearly a third of older workers had less than $10,000 of savings and investments.
When you have less than $10,000 saved, planning for retirement would seem like an impossible task. It’s no wonder so many Americans are foregoing making any plans. If you make the decision to calculate your retirement savings needed and see a massive shortfall between your savings and retirement savings needed, don’t be discouraged. There are still options if you find yourself in this situation.
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