Most stories about Americans and retirement paint a dire picture of unpreparedness. New data from the Employee Benefit Research Institute offer some much needed hope.
Most stories about Americans and retirement contain words like"crisis,""poverty" and"horror." Not this one.
Today, American households headed by individuals between the ages of 35 and 64 are running $3.83 trillion short of the amount they need to safely carry them through their post-working life, according to new data by the Employee Benefit Research Institute. Across all generations, the savings shortfalls have narrowed. People between the ages of 45 and 49 are currently $43,000 behind on their retirement savings, compared with $49,740 in 2014. People in their late 30s are now $49,182 behind where they should be, instead of $63,407."Every group under age 60 is better than they were five years ago," VanDerhei said. .
To be sure, while Americans are less behind than they were in 2014, they're still not where they need to be.
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