More Americans are reporting that they have almost no savings and investments, according to a survey by the Employee Benefit Research Institute (EBRI). The 2010 Retirement Confidence Survey found that 27% of workers polled said they have less than $1,000 in savings accounts, compared with 20% in 2009. The poll also found that 54% of people had less than $25,000 in savings and investments, excluding their home and any defined benefit plans.
More people also are not saving for retirement. The poll found that 69% of workers said they and/or their spouse have saved money for retirement, but only 60% say they are currently saving.
Americans already had a low savings rate before the recession. Now, due to a high unemployment rate, many people are finding it impossible to save at all and are just trying to stay current on their bills.
The survey also found that a growing number of folks are planning to delay retirement. In fact, 24% of workers said they have postponed their retirement age in the past year. Among the reasons given were the poor economy, changes in their job situation, not enough money, and the need to recover money lost in the stock market. About 16% of those polled said they are very confident about having enough money for retirement. <- Source
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