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Section 7

The Average American Is Not

Prepared for Retirement

Many Americans approaching retirement age are not financially

able to stop working. According to a survey by the Employment
Benefit Research Institute (EBRI), only 46% of respondents
had tried to calculate the amount of money they will need to

save for a comfortable retirement, indicating that “retirement

savings may be taking a back seat to more immediate financial
concerns: Just 2 % of workers and 4 % of retirees identify saving
or planning for retirement as the most pressing financial issue

facing most Americans today.” 1

In fact, only one in 10 Americans has a written financial plan,

while, at the same time, most adults in this country say that

overcoming their financial concerns is at the top of their “wish
2
list.” The EBRI survey also found that 76% of workers have less
than $100,000 in savings. 3

Chapter 1: The New Retirement