A survey by the nonpartisan Employee Benefit Research Institute shows 13 percent of workers are very confident they’ll have enough money to retire comfortably. The survey also shows:
• Most U.S. workers don’t have a defined-benefit, or pension, plan. They have been replaced by defined-contribution plans, including 401(k) plans, held by 43 percent of workers in private industry.
• Many people do not know how much money they need for retirement, and large numbers of workers don’t have enough saved to live comfortably. A woman earning $40,000 at retirement would need $203,134 in savings by age 65 to ensure she could replace 80 percent of her income in retirement, according to EBRI calculations. A man under the same circumstances would need $190,138.
The Associated Press
