Even though 68% of workers are saving for retirement, nearly half (46%) have less than $10,000 saved for retirement, and 50% are not confident they will have enough money to live comfortably in retirement, a survey by the Employee Benefits Research Institute found.
In addition, 50% of workers are not sure they will have enough money to pay for medical expenses in retirement, and 47% of older baby boomers are at risk for inadequate retirement income. Among Generation X, 45% are at risk for inadequate retirement income. Further, only 42% of workers have tried to calculate how much money they need to save for a comfortable retirement.
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