Many Not Ready for Retirement
With more companies reducing--or outright eliminating--defined pension benefits, workers are left to save for retirement using 401(k)s and the like. Early indications are that a great number of people are not prepared to retire at their accustomed standard of living. The Washington Post ran an AP story today about this phenomenon:
A study of the economic and demographic variables in 250 of the nation's largest counties finds that residents in more than half of them are not well prepared for retirement.
The analysis, to be released Thursday, was designed to draw attention to the lack of retirement preparedness nationwide and the need for individuals and governments to take action.
"This study should serve as a wake-up call, brining long overdue attention to the fact that Americans need help in making their retirement savings last a lifetime," said Shannon Hunt, executive director of Americans for Secure Retirement, which commissioned the study.