Fifty-seven percent of adult U.S. workers have saved less than $100,000 for retirement, while 28% have saved less than $10,000, according to a survey released today by the Commission on the Regulation of U.S. Capital Markets in the 21st Century. The survey also said 29% of working adults think they will need to postpone retirement because they lack sufficient savings, while 46% think they will not have enough money to maintain their standard of living during retirement, according to a news release announcing the survey results.
The release also said 52% of working women and 39% of working men are uncomfortable about making their own retirement savings decisions, while 23% of working adults say thinking about saving for retirement frightens them.
"The commission's data highlights the distressing fact that many working Americans are unprepared for retirement, concerned and scared about their ability to retire, but still expecting to retire by the age of 65," Peter Gilbert, a commission member and CIO of the $30 billion Pennsylvania State Employees' Retirement System, said in the news release.
The commission was formed by the U.S. Chamber of Commerce to study ways to ensure efficient capital flows in the U.S. economy. Harris Interactive conducted an online survey of 1,577 employed adults 18 and over Nov. 7-9, according to the release.