An overwhelming majority of Americans aged 29 to 49 are worried about their prospects for retirement, yet they have not begun to save or plan for it. That’s the finding from a new study released Tuesday by retirement planning website eRollover.com and conducted by the independent Siena College Research Institute.
Only about one in ten so-called Generation-Xers is very confident of being be able to maintain their current standard of living when they retire, and 82% cannot say they are well along their path to planning a successful retirement, the study revealed.
“This group admits having its head in the sand about planning for the future,” said Tim Harrington, CEO of eRollover.com, in a statement. “They’re struggling to make ends meet and they don’t know where to turn for retirement advice. Planning for retirement has become a social taboo that many avoid discussing. Our objective is to give our members the tools they need to sweep away the sand, and take control now.”
The eRollover Study revealed that over the past six months, just 41% put aside any money beyond what their employer may have contributed to a retirement plan, fewer than half have a 401(k), and only 19% meet regularly with a financial advisor. Further, 71% agree (38% strongly) that unless something is done, Social Securitycould be bankrupt within the next 20 to 25 years.