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Almost half of Americans are not contributing to a retirement plan, and many say it is because they can't afford to, according to a new survey by Windsor-based LIMRA.
The survey, released Wednesday, says 49 percent of Americans aren't putting money into any type of plan — such as an IRA or a 401(k). Young Americans are saving even less — 56 percent of those between 18 and 34 are saving for retirement.
"The findings from this survey were disturbing, given that people will increasingly need to rely on their personal savings to make ends meet in retirement," said Matthew Drinkwater, associate managing director, LIMRA Retirement Research. "It was especially troubling to see that a larger portion of younger Americans... Continue to read.
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