Changes are afoot to our retirement system, but some people are calling for radical changes to it, including abolishment of the 401(k) plan.
It costs an average of 20 percent less to live in retirement, according to an analysis of a government survey of people ages 65 and older.
Only 14 percent of Americans are very confident that they will have enough money to retire and live comfortably, according to the 22nd annual Employee Benefit Research Institute’s Retirement Confidence Survey released today.
This number hasn’t changed since 2009 when a host of people not too far from retirement lost their jobs. According to the survey, 42 percent see uncertainty over whether they will have a job as their most pressing economic issue.
The survey also emphasizes that many Americans haven’t saved much for retirement. Some 60 percent of workers say — not counting the value of their homes and any old-fashioned defined-benefit pensions they may expect — their savings total less than $25,000.