10/27/14 – Half of Americans aren’t in a retirement plan (CBS Money Watch)

Oct 27, 2014 Comments Off by

Just 53 percent of American workers participate in any type of retirement plan at work, according to recent information from the Bureau of Labor Statistics. Breaking this big stat down further shows that part-time and low-income workers as well as employees of small establishments are the most vulnerable for not having a plan.

The low participation levels among the vulnerable groups are due to low access to retirement plans combined with reduced take-up rates, often because many members of these groups cannot afford to contribute to a retirement plan. Why is this information important for individuals? First, let’s state the obvious: Your financial security in retirement improves significantly if you have a retirement plan. The Retirement Confidence Survey of the Employee Benefit Research Institute (EBRI) shows that retirement confidence among Americans is near all-time lows, with only 18 percent reporting they are “very confident” that they’ll have enough money to retire comfortably and 37 percent reporting that they’re “somewhat confident.”

Read the full article at CBS Money Watch.

Financial Landing 2014

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