May 2010

Four in Five Americans Will Fall Short of Retirement Income Needs

From Bank Investment Consultant

Four of five Americans are expected to fall short of meeting all of their financial needs in retirement unless they improve their savings habits or retire at a later age.

According to a study by Hewitt Associates, a global human resources consulting and outsourcing services company, employees will need 15.7 times their final pay when factoring in inflation and postretirement medical costs.

Although this estimate is on target with Hewitt’s prior projection in 2008, many employees find themselves in a tougher financial situation because they’ve seen their retirement accounts decrease over the past two years, the studey released Monday said.

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