If you’re like many Americans, you may expect to enjoy a comfortable retirement, but you probably haven’t taken the actions needed to turn those hopes into reality.
The latest survey showed many Americans’ retirement expectations are like a piece of Swiss cheese-full of holes. For example, many have accumulated only modest retirement savings, underestimating the share of their preretirement income they are likely to need in retirement, and have made no estimate of how much they will need to live comfortably once they retire.
The Retirement Confidence Survey (RCS), begun in 1991, is the country’s most established and comprehensive study of the attitudes and behavior of American workers and retirees toward all aspects of saving, retirement planning and long-term financial security. The survey is sponsored by the Employee Benefit Research Institute and Matthew Greenwald & Associates.
Here are some of the survey results:
• Saving: More than two-thirds (68 percent) of current workers say they and their spouses have accumulated less than $50,000 in retirement savings.
• Health care costs: Nearly six in 10 (58...
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