“American workers are losing ground on retirement readiness and increasing the risk of outliving their assets,” an expert said. “Collectively, we all need to do more to help improve the savings and retirement security of American workers.
Americans estimate they’ll need more than $1 million to retire comfortably — but most aren’t bullish about meeting that goal.
“American workers are losing ground on retirement readiness and increasing the risk of outliving their assets,” Deb Boyden, Schroders’s head of U.S. defined contribution, told Yahoo Finance. “Collectively, we all need to do more to help improve the savings and retirement security of American workers.‘Likely needing to make modest to significant adjustments’
The fear of not having enough money saved to retire is a persistent sentiment that has cropped up in myriad studies. More than one-third of households are in the red on the preparedness spectrum, meaning significant adjustments may be likely, Assaf added.“It boils down to a lack of education and planning across the board,” Boyden said. “More needs to be done by the industry and employers to improve education and create better asset allocation strategies that help workers save more and stay the course through the market’s ups and downs.
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