Study Says Americans’ Retirement Readiness Improving

In order to meet their retirement requirements, current workers will need 11 times their final pay in personal savings and company-provided retirement plans. According to a research report from Aon Hewitt which looked at the projected retirement of 2.2 million employees at 78 large American companies, full-career contributing employees are on pace to save 8.8 times their pay, which is an improvement over 2010 but still leaves a savings gap of 2.2 times final pay. Rob Reiskytl, leader of Retirement Plan Strategy and Design at Aon Hewitt, says continued efforts by employers and employees to boost retirement income may be paying off but more effort is needed to help close the retirement gap. The top factor influencing whether or not a retiree has an adequate amount of income is personal savings. The earlier an individual begins saving for his or her retirement, the more likely they are to have a sufficient amount of savings to last through their retirement years. More here.

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