Fewer Americans Save for Their Retirement
Wall Street Journal (05/10/01) Vol. 35, No. 19 p.A2; Ruffenach, Glenn

The Employee Benefit Research Institute (EBRI) is releasing a survey with findings that indicate a decline in the amount of money Americans are saving for retirement. The survey finds that fewer Americans are confident that they will have the necessary funds for a comfortable retirement, and even fewer have determined how much money they will need for retirement. Dallas Salisbury, president and CEO of EBRI, notes that, "With the downturn in the economy, the markets, and consumer confidence, and the fact that people are better educated about the cost of prescription drugs and long-term care, you're going to see this kind of drop-off." When those surveyed were asked how ready they were for retirement in 2000, 72 percent said they were very or somewhat confident about being able to live comfortably in retirement. When asked the same question in 2000, only 63 percent of respondents said they were confident in their retirement plans. When asked if they were happy with their retirement planning, 54 percent of year-2000 respondents said that they were behind schedule; 60 percent of respondents in 2001 said they were behind schedule.

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