In this recent article on CNN, they bandy about some numbers that should make you shit in your pants. But sadly, most people fail to read the article or fail to read into it, what it is saying. The numbers are talked about so obliquely that you'd think they were talking about paint drying, instead of a house burning down:
"Among workers without any retirement savings plan, nearly half said they were "not at all confident" they would have a big enough nest egg, compared to just 11% of those with a plan.
Saving through employer-sponsored plans can be a big help. Yet millions of Americans don't have access to workplace retirement benefits -- a problem that plays a major factor in the country's savings crisis, advocates say.
Meanwhile, out of all workers surveyed, many reported little or no retirement savings. More than half said they had less than $10,000 set aside, while 36% said they had less than $1,000 saved. In contrast, only 22% said they had $100,000 or more.
While EBRI surveyed workers of all ages, financial planners typically recommend that workers aim to eventually have at least 11 times their annual salary saved. So a worker retiring with a $65,000 income would need a nest egg of around $715,000.
"People recognize the need to save," but they aren't acting on that knowledge, said Greg Burrows, senior vice president of retirement and investor services at Principal Financial Group, one of the survey sponsors."
As I noted before, the "news" covers only events that happen suddenly - like a landslide or an earthquake. Long-term trends are harder to cover. Covering global warming is just hard to do - on a 22-minute newscast. Covering a "Climategate" controversy is easy.
As I noted in an earlier posting:
"So we are seeing a dramatic shift between a generation of pensioners and a generation of savers. And no one seems to notice this seismic shift. Today, you might think the situation in Crimea or a missing plane is what is "important" in the news. But more important things (that happen slowly) are going on, and no one comments on them. Well, except me.To me, this is like watching an iceberg slowly move South. It is a noticeable event, but happens so slowly that many folks ignore it - that is until the Titanic strikes it in the middle of the night. Only then is it "news" and by then, it is too late.And unfortunately, the Titanic event, which is slated to occur in the next decade, is the legions of retirees staggering toward retirement with nothing saved whatsoever. We are heading off into the ocean of retirement, but only with enough lifeboats for less than half the passengers (and none of those are for the folks in steerage).But again, I digress."