WASHINGTON -- Nearly two-thirds of American workers say they have saved something for retirement, but only one-third of those saving have tried to figure out how much they'll need to retire, a new study says.
The Retirement Confidence Survey conducted by The Employee Benefit Research Institute and Greenwald & Associates, both in Washington, found while most workers are saving, they don't have a specific goal in mind.
Twenty-two percent of current workers said they will have enough money for retirement, while 52% said they were somewhat confident they would. Yet most have not set savings goals for retirement, said EBRI President Dallas Salisbury.
"They likely are not saving enough to maintain their current lifestyle in retirement, and they will have enough only if they prove lucky," Mr. Salisbury said. "As Social Security and Medicare provide less at later ages, it will be harder to be lucky in the future, making education increasingly important."
In addition, the study found 23% of those who were very confident regarding their retirement income prospects, and 34% somewhat confident, have no personal savings set aside. But among those who have started to save for retirement, 90% save on a regular basis, the study said.
Kathy Stokes Murray, executive director of the American Saving Education Council, Washington, said employers might want to focus their education efforts on lower-paid, less-educated workers. This group is the least likely to use educational materials; but if they do use them, they are the most likely to change their behavior.