Back when a hot dog cost a nickel and you could buy a movie ticket for a quarter, people actually saved for retirement. Times have changed, according to a survey commissioned by MetLife, New York.
Overall, the survey of 1,528 human resources and benefits executives from companies with at least two employees found that 28% of employees either haven't begun to save for retirement or have no retirement savings goals. Roughly half of employees expressed concern about outliving their retirement money. Among employees aged 21 to 30, 30% haven't started saving for retirement, and 10% of that age group have no savings goals. Employees between 31 and 40 aren't far ahead; 23% haven't begun saving for retirement and 8% have no savings goals.
William Slater, vice president of MetLife Retirement & Savings, said that younger people today face larger financial hurdles than prior generations, and concerns about retirement "tend to be secondary" to concerns about problems they're facing now, such as health care costs.