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February 24, 2005 at 07:00 PM
Many older U.S. workers are having a hard time getting a grip on their finances.[@@]
Researchers in the retirement division of Prudential Financial Inc., Newark, N.J., have published data supporting that conclusion in a report on a survey of 1,023 full-time U.S. workers ages 55 to 64 that was conducted in late 2004.
Although researchers found that 83% of the survey participants said it is “very important” to generate a “retirement paycheck,” or a steady retirement income, only 20% said they felt well-informed about creating a retirement paycheck and only 20% said they feel very confident about the chances that their income will let them live comfortably throughout retirement
Only 42% of the participants said they have worked with employers or professionals to calculate how much savings they will need in retirement, and only 39% of the participants said they have worked with professional advisors, employers or planning tools to estimate how much monthly income their savings might generate.
Just 7% of the participants said they have a formal written retirement plan.
