Thank you for sharing!

Your article was successfully shared with the contacts you provided.

The news isn’t rosy for retirees: Nearly half of Americans have no retirement savings, and the median 401(k) balance is under $10,000 for those who have saved, said Steve Wendel, head of behavioral science for Morningstar, in his paper Easing the Retirement Crisis: How Financial Planning and Personalized Advice Can Head Off Extreme Austerity. Further, a recent study from the Employee Benefit Research Institute found that only 17% of American workers felt very confident in their ability to retire comfortably.

Wendel met with reporters during the 2018 Morningstar conference in Chicago, where he pointed out that less than half of American households are on track for retirement, and that drops to less than a third in bad markets.

But today’s headlines can lead to extreme and disheartening outcomes, Wendel said, adding that some have suggested that to meet their retirement needs, workers would now need to put away 40% of their income or delay retirement by 10 years. Neither of these ideas are realistic, he said.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

Dig Deeper


Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.