Recently, some startling facts have surfaced that hint at a looming widespread retirement crisis.
Consider these statistics:
- According to the Employee Benefit Research Institute (EBRI), there are 50 million 401(k) participants in the U.S.
- The average 401(k) balance of those is slightly over $60,000
- The average 401(k) balance of those within 10 years of retirement is $78,000—a third of them actually have less than $25,000 saved.
- 43% of workers ages 45-54 are not currently saving for retirement at all.
- In 1980, 60% of private sector workers had access to a lifetime income in the form of a corporate pension. As of 2006, only 10% still have access to a pension.
- It is estimated that a middle-class lifestyle will require a nest egg of $900,000 at retirement.
- Social Security only pays $14,780 per year for individuals and $22,000 per year to couples.
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 “How 401(k)s are failing millions of Americans. The Week. April 20, 2012. <http://theweek.com/article/index/226886/how-401ks-are-failing-millions-of-americans>