Most workers lackadaisical about their retirement savings
In an article in the September 4, 2019, edition of The Oklahoman, business writer Paula Burkes took a look at a recent Bankrate.com study, which showed that only 29% of working Americans have increased their retirement savings, while the majority of workers have either cut back or kept their savings level over the previous year.
Employee benefits lawyer Brandon Long was quoted in the article as expressing particular concern about the savings habits of Generation Xers (those born between 1965 and the early 1980s).
“If you look at the average and median 401(k) balances regionally and nationally, those numbers show that many people will not be ready to retire – not even close,” he said. “Employees will work longer than they want to or should, which is not good for them or employers.”