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Another Study Saying What We Already Know
By JLP | June 6, 2006
It never ceases to amaze me at how many “studies” are done on the same topic. I suppose it is probably a marketing effort since the media usually takes the study and runs with it, giving those who wrote the study lots of media attention. Anyway, that’s not the point of this post. I did want to share with you what the study says:
How many is a lot? Try 43%! According to the study which Center for Retirement Research, talked about in this article, 43% of Americans will not have saved enough to be able to keep their current lifestyle during retirement. To arrive at that number, the researchers used a replacement percentage of 73% of current income (if your current income is $100,000, your retirement income would be $73,000). For lower-income Generation Xers (those born 1965 – 1972), the outlook is even worse with 49% not prepared. The message:
I know I’m preaching to the choir here, but the fact is, people need to take control of their finances. Sticking their heads in the sand and ignoring retirement is crazy. I realize that some people cannot afford to put money back (at least they think they can’t). However, there are those who could but simply choose not to. They will most likely be the ones griping the loudest when they reach retirement and have nothing saved.
Anyway, you can read the entire study by clicking here (PDF). I recommend you read it and then pass it on to someone else.
Topics: Retirement Planning | No Comments »