Retirement Crisis

Physician's Money Digest, June30 2004, Volume 11, Issue 12

With the Social Security system headingfor fiscal trouble, more Americanswill depend on private savings in thecoming decades to fund their retirement.According to a recent survey byThrivent Financial, they're not ready.The survey shows that more than a thirdof Americans haven't started to save forretirement, about 15% have less than$10,000 in their retirement kitty andanother 17% have less than $50,000stashed away. Almost two thirds havenever figured out how much they willneed to finance their retirement years.Not surprisingly, the higher a person'sincome, the more likely it is that theyhave started saving for retirement. Morethan 84% of those with an income ofmore than $75,000 are building a retirementnest egg; only 26% of those withincome under $20,000 are doing so.