Employee Benefit News
Many young employees don't worry about retirement when they are first entering the working world, but research is showing that this may come back to bite them as retirement becomes closer. The average U.S. worker believes that they need $1 million in savings to live on during retirement, but many are falling short of this number. A survey conducted by Schroders found that only 21% of the 45 and older crowd said they would make this $1 million mark and 59% said they were on track to save less than $500,000 by the time retirement comes. Millennials aren't much better with 29% saying they'll reach $1 million and 49% saying they'll reach less than $500,000. So, why are so many individuals falling short? Many are saving cash rather than investing and while this is an obviously less risky option as compared to investing, it has its short falls. What else should workers be doing to save and how can employers support them?