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Retirement Statistics

Posted on 23 November 2008 by Jmartin

Only 27 percent of workers are very confident that they will have enough money to live comfortably throughout retirement; 29 percent of those surveyed admitted that they are either not too confident or not confident at all.
Fifty-one percent of workers aged 55 or older have total savings and investments of less than $100,000.
About one-quarter of workers believe they need to save less than $250,000 to achieve a comfortable retirement.

Source: “Saving for Retirement in America,” Retirement Confidence Survey, 2007, Employee Benefit Research Institute and Mathew Greenwald & Associates.

At one time, Social Security was considered the primary source of income for retirees. Even among today’s retirees, it provides a significant portion of their income. According to the most recent figures available from the Social Security Administration, in 2004, Social Security provided more than half of the total income for almost two-thirds of households comprised exclusively of those aged 65 and older; and at least 90 percent of the income for one-third of this group.

Source: “Social Security and Retirement Income Adequacy,” Social Security Brief, May, 2007.

For professional investment advice on this topic contact:
Allgen Financial Services, Inc.
888.6ALLGEN (888) 625-5436
advisors@allgenfinancial.com
www.allgenfinancial.com

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