Our economy has left very few people feeling confident about retirement. Just 13 percent of current workers say they are “very confident” about having enough money to live comfortably throughout their retirement years, according to the latest annual retirement study from the Employee Benefit Research Institute (EBRI). That’s the lowest level since the organization began surveying workers on the topic in 1993.
The survey also noted that 65 percent of current workers are saving for their retirement. That’s up slightly from last year and it’s the highest percentage ever found on an EBRI study. Still, it sure seems low. One step that helps people get in the game of saving for their later years is crunching some numbers to see how much they should be setting aside each month. My favorite retirement needs calculator is the myPlan Snapshot from Fidelity (search for “myPlan Snapshot”). By answering just five questions you’ll see whether you’re on the right track.
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