28 percent of Americans say they will never be able to retire - New York News

28 percent of Americans say they will never be able to retire

Updated:
By Scott G. Winterton, Deseret News. Sheli Craven, a nurse at the Riverton Hospital, says she is lucky to have the job because the recession has forced part-timers into full-time work and those who were scheduled to retire can't afford to. By Scott G. Winterton, Deseret News. Sheli Craven, a nurse at the Riverton Hospital, says she is lucky to have the job because the recession has forced part-timers into full-time work and those who were scheduled to retire can't afford to.

By: Amberlee Lovell

Retiring is a hope that 28 percent of Americans said they will never be able to afford, according to an article by the Wall Street Journal.

In a study that has covered 23 years, the report indicates this is the highest percent of those who have no confidence in being able to retire. Even for those who are planning on retirement, savings were reported down.

Of the U.S. workers surveyed, 57 percent have less than $25,000 in household savings and investments not including a home.

The problem of low savings is increased as the life expectancy rate grows, the article indicates. Even the amount of workers saving has dropped from 75 percent in 2009 to 66 percent now.

More companies are getting rid of traditional pensions, accoring to the Wall Street Journal. The pensions have become a much smaller component to retirement savings over the past 30 years.

Originally Posted

Copyright 2013 Deseret Digital Media, Inc.

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