49% of Americans saving zilch for retirement

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.

Read more:

http://money.cnn.com/2012/05/10/retirement/saving-retire/index.htm?iid=HP_LN

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About UWF Center on Aging

The Center on Aging at the University of West Florida was established in the Fall of 2010 when the School of Psychological and Behavioral Sciences faculty along with assistance from Sponsored Research submitted a grant to the State University System Board of Governors in support of aging initiatives for Northwest Florida. Its mission is to improve the quality of life of aging adults through the application of science to address challenges associated with aging and to promote healthy aging, with an emphasis on prevention. This will be accomplished through inter-disciplinary and inter-professional efforts of basic and applied research, consultation, and partnerships with community agencies. Education and training, direct services to the aging population, and public awareness and understanding of the contributions and needs of elders will be primary objectives.
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