American workers are becoming more realistic about their prospects for retirement. The latest annual Retirement Confidence Survey from the Employee Benefit Research Institute (EBRI) found that nearly 25 percent of all of today’s workers expect to retire at age 70 or older, the highest number expecting such a late retirement since the EBRI started its annual survey nearly 20 years ago.
Almost half of today’s workers say they are “not too” or “not at all” confident about having enough money to live comfortably throughout their retirement years. And no wonder. Nearly half of all workers age 55 and older have less than $50,000 saved for retirement, and 27 percent of all workers have less than $1,000 set aside for their later years.
One relatively simple step that encourages people to save more is to run a retirement needs calculation. However, less than half of today’s workers have done so. One of my favorite calculators for getting a quick estimate of your retirement needs is Fidelity’s myPlan Snapshot.
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