April 22, 2005 |
Posted By Diane Pfadenhauer |
More on My Retirement Savings Soapbox
I recently posted regarding the lack of retirement savings and the fact that many people haven't a clue as to how much they'll need in retirement. Metlife recently completed it's Employee Benefits Trend Study, discussed here, and noted similar trends: that 40% of workers between the ages of 21 and 30 lacked retirements goals and savings. Of those between 31 and 40, 23% admitted that they haven't started to save.
As employers shift from defined benefit pension plans to defined contribution plans, more of the burden will fall on these very employees who haven't yet started to save. Not only are they not saving, but many individuals of all ages haven't a clue as to how much they'll need.