Much of the typical data that looks at retirement savings focuses on the current employer. According to a report from Towers Watson, this may tend to substantially underestimate the amount many individuals have saved for retirement. Other sources, such as IRAs, DB plans, and DC plans from prior employers, paint a more optimistic, glass is half-full, outlook. Key findings from the report include:
Earlier blog entries have suggested that one should look at the big picture when it comes to retirement savings, in the context that saving for retirement is an important goal, but one that competes with other financial challenges. It would appear that while we are looking at this holistically, it is also important to factor in all financial resources beyond account balances from a single employer's 401(k) plan.
Blog Author - Ken Felsher
With over 25 years of writing, editing, and research experience. I enjoy sharing with my readers my love of working with content on a variety of subjects.
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