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SURVEY: 1 in 4 workers have less than $1,000 saved for retirement

SURVEY: 1 in 4 workers have less than...

47 ABC - Whether retirement is right around the corner or quite a few years off,  it appears that reaching  a sufficient amount of money for that retirement has become difficult for many to achieve.

According to a recent survey by the Employee Benefit Research Institute,  1 in 4 workers say they and their spouse have less than $1, 000 saved for their retirement.

"It's alarming how little money people are setting aside to take care of themselves in their older age," says Mark Engberg, a financial coach at Comprehensive Financial Solutions.

Engberg tells 47 ABC starting the process of a retirement plan can be an afterthought for many, especially if  they have many expenses at the moment.

"Life gets busy, people may have young families, maybe carrying student loans, there is just a lot going on, to prioritize  where your paycheck goes," says Engberg.

Engberg says another reason why folks may be getting a late start to their retirement savings is because they are not well-informed about the plans offered by their employer. He also says that finding a retirement plan can be intimidating for some.
 
"A lot of people are not aware that their employer offers a retirement savings plan. Whether that's a 401k,  an SEP,  there are all types of retirement savings plans.They may feel overwhelmed or that it is too complicated to understand, to select the investment," says Engberg.

Engberg recommends saving at least 10 percent of your annual salary.

Now if your employer does not offer  a retirement plan, he says that folks should look into creating their own.


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