More than 1 out of 4 American workers over the age of 25 has less than $1,000 saved for retirement according to a survey released this week by the Employee Benefit Research Institute (EBRI) and Matthew Greenwald & Associates. This comes a week after the U.S. Census Bureau announced plans to develop a supplemental poverty measure.
In fact, over half of U.S. workers have yet to figure out how much income they will need in retirement. Calculating this can be a daunting process, especially when there is no measure in place as a guideline of what is needed to make ends meet in retirement.
The Elder Economic Security Standard Index (Elder Index) can help current and future retirees determine what they need to age in place. With data now available in Massachusetts, Illinois, Pennsylvania, Wisconsin, California, Minnesota, Connecticut, New Jersey, and Michigan, this geographically-based tool is educating older Americans on how much income is needed to meet their basic needs.
See WOW’s press statement on the Supplemental Poverty measure for more information on the importance of accurately measuring economic security.