Fewer than half of pre-retirees have anything resembling adequate retirement savings.
LIMRA, Windsor, Conn., concludes in a new report on the 30 million U.S. workers ages 55 to 70 that many are “woefully unprepared.”
Only 49% of private-sector pre-retirees ages 55 to 64 participate in employer-sponsored retirement plans, LIMRA says.
About 30% of pre-retirees believe they are “very prepared” for retirement, but 55% have less than $100,000 in household investable assets.
About one-third of pre-retirees said they have no plans to retire, and that may lead them to believe they have no need for substantial retirement savings. But LIMRA found in 2009 that 56% of actual retirees retired before they expected to do so, and 43% of those earlier-than-expected retirements were involuntary, LIMRA says.