Despite incessant warnings and glimpses into what can happen, Americans are still taking a cavalier approach to retirement savings, according to a survey by the Transamerica Center for Retirement Studies. The average contribution level for workers has increased one percentage point to 7% since 2011, but looking at the bigger picture, Americans are not setting enough aside, waiting too long to begin saving and their targets are too low. In fact, Transamerica found that 47% of respondents chose their retirement goal by guessing. Respondents also indicated that they plan to retire after age 65 or not at all. This indicates workers expecting to be healthy enough stay productive enough to work productively.

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