March 18, 2014
The percentage of workers who feel confident about their retirement security rebounded last year as Wall Street rallied, but the outlook remains bleak for workers without retirement benefits.
Thirty-six percent of workers have less than $1,000 in savings and investments for retirement, according to the 2014 Retirement Confidence Survey from Employee Benefit Research Institute. This is an increase from 28% in 2013.
Jack VanDerhei, the institute’s research director and co-author of the study, says that more than 70% of workers without a retirement plan like a 401(k) or IRA have less than $1,000 to fund their golden years. “If workers don’t have something provided by their employer, this means that they are saving virtually nothing on their own.”