CNN Money reports that approximately 49% of Americans say they aren’t contributing to any retirement plan, according to a new survey conducted by LIMRA, a trade association for the financial services industry.
“The findings from this survey were disturbing, given that people will increasingly need to rely on their personal savings to make ends meet in retirement,” said Matthew Drinkwater, associate managing director at LIMRA’s retirement research division…
In order to have the adequate savings necessary to meet their financial needs in retirement — which could last 20 or more years — it is critical that these individuals begin saving systematically early in their working years,” Drinkwater said.”
So why aren’t they saving? Well according to the article: nearly half of consumers said they aren’t planning to contribute to an IRA because they can’t afford to, and only a quarter of Americans have worked with a financial professional to plan for retirement, the survey found.