Study after study laments the woefully unprepared pre-retiree, especially in the United States and UK where savings rates have appeared to be low and defined pension programs have been out of favour for a while.
But, Reuters reports that when it comes to retirement readiness in the US, it might not be as bad as it has seemed. “Near-retirees (those between 60 and 64) have nearly $360,000 in their defined contribution accounts and Individual Retirement Accounts, on average, the report said,” Reuters reported.
“When we look at data and near-retirement households, they have accumulated significant resources. We see that they are able to retain their standard of living," Sarah Holden, senior director of retirement and investor research at ICI, told Reuters in an interview.
The lesson: Keep saving, but worry a little less about where everyone else is with their savings and focus on your own retirement needs and resources.