The news isn’t all bad when it comes to retirement preparation. According to a new national poll conducted by Kiplinger, in partnership with money management firm Personal Capital, 40 percent of retirement savers were “very confident” and another 44 percent “somewhat confident” that they’re on track for a comfortable retirement.
The poll, conducted in November, surveyed 997 individuals aged 25 to 75 with at least $50,000 in retirement savings. Other highlights:
- Nearly 60 percent of the individuals polled are stashing ten percent or more of their income toward retirement, 30 percent are saving at least 15 percent and 14 percent are supersavers, putting aside 20 percent or more of their income toward retirement;
- 81 percent said they have a workplace retirement plan, such as a 401(k), 403(b), 457, SEP IRA or solo 401(k). In addition, more than one-third (35 percent) have a traditional IRA and 25 percent own a Roth IRA; and
- 36 percent say they would like to be saving 20 percent or more of their income toward retirement. Not surprisingly, older workers are saving more: The median savings rate for baby boomers is 14 percent, and about half say they would like to be saving 20 percent or more. Read the full survey.