Financial Woes: American Workers Are Saving Too Little to Retire

Financial Woes: Workers are Saving too Little to Retire

piggy bank
(Image: File)
piggy bank
Saving more is something people say they want to do, but that's not specific enough, says contributor Patrice C. Washington.

U.S. workers and employers are on a brink of a retirement crisis, as data reveals that they are saving less for retirement.

Even as the stock market reaches record highs and the economy shows signs of improvement, 57 percent of workers surveyed by the Employee Benefit Research Institute reported less than $25,000 in total household savings and investments, excluding the value of their homes. The survey also found that 28 percent of Americans have no confidence they will have enough money to retire comfortably.

The life expectancy of workers is expected to increase, which will add as much as $97 billion to corporate pension liabilities in coming years–suggesting that employers too will suffer with balancing sheets.

Read more at Wall Street Journal.