Hardly a day goes by when a new study isn’t released detailing Americans’ woeful lack of retirement preparedness. This is particularly true (and most worrisome) in respect to those Americans who are closest to retirement: baby boomers.
A new report from Cerulli Associates indicates just how severe the problem is. The fourth quarter 2013 issue of the “Cerulli Edge-Retirement Edition” reveals that six in 10 “retirement income opportunity participants” (defined contribution plan participants age 55 and older) are not confident they are prepared for retirement.
“The number of pre retirees who are unprepared for retirement is staggering,” says Cerulli Associate Director Kevin Chisholm in a prepared statement. “More than 75 percent of participants between the age of 55 and 59 [indicate] they are either not prepared for retirement or they are unsure if they are prepared.”