Having a retirement savings plan should instill confidence in employees, but a lack of savings and financial know-how, along with growing concern over the upcoming presidential election, are getting in the way.
A Schroder’s survey of 2,000 retirement plan participants found that employees believe they’ll need $1.2 million to retire comfortably. However, only 29% think they’ll come close to that amount, with 46% estimating they will have less than $500,000 saved when they leave the workplace, and a quarter saying they’ll have less than $250,000. This unstable financial future is taking its toll on employees, with 60% saying they worry too much about money and 39% saying it keeps them up at night.
