How much do you have saved for your retirement? According to a report by the Employee Benefit Research Institute, close to one quarter of workers studied have less than $1,000 saved for retirement, and almost half of those individuals studied have less than $25,000 saved.
How much do you think you’ll really need when you retire? Many believe that $500,000 is a good amount. Another fact in the study cites that several individuals who are saving less than $1,000 do not have access to a savings account such as a 401(k).
While there are about 55 million workers in the United States who do not have such a savings plan through their employer, a program launched by President Obama called myRA. MyRa is a starter retirement account and is sponsored by the federal government. Some states are also moving forward with new programs that can automatically deduct money from a paycheck into a retirement account.
How do you feel about these statistics? Let us know.