According to a 2013 Gallup Poll, more than half of working Americans expect to retire by age 65 or earlier. However, this expectation stands in stark contrast to their practical readiness for retirement.
The 2013 Retirement Confidence Survey, performed by the Employee Benefit Research Institute and Matthew Greenwald & Associates, delivers the following unsettling statistics:
- In 2013, three of four Americans had total savings of less than $25,000, and an astounding 28% had less than $1,000.
- Less than half of Americans have any idea how much money they will need during retirement or how much they have to save in order to reach that amount.