older woman looking at papers in shock (Photo: Shutterstock)

Despite having lofty retirement income expectations, only four in 10 older American workers have attempted to calculate how much they will need to save to meet those expectations. This failure to ‘do the math’ may explain why so many workers over age 40 are not currently saving enough to fund the retirement they are planning.

These findings are part of the Insured Retirement Institute’s “Retirement Readiness Among Older Workers 2021″ report, which surveyed nearly 1,000 employed Americans aged 40 to 73 about their retirement planning and savings behaviors. According to the study, older Americans have not saved enough and now wish they had begun saving earlier or accumulated more money for retirement. To improve their retirement prospects, they now are faced with having to increase the percentage of their income that they save.

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