NEW YORK (TheStreet) – Could some of you at least pretend you care about saving for retirement? The alternative would be just too depressing to consider, if it wasn't already so frightening.
According to a recent study by financial services firm Edward Jones, almost half (45%) of non-retired Americans are not saving for retirement. Of those who are not yet saving, only 36% percent plan to and almost 10% say they never plan on saving for retirement. Meanwhile, the folks at Voya Financial found that 74% of Americans have never calculated their monthly retirement income needs.
That isn't exactly great news when, according to Voya, six out of 10 retirees say their retirement was somewhat or very unexpected. It's even worse when 51% of retirees have never tried to determine if their current savings will be enough to last through retirement. While 39% assume what they have will not last 20 years, 13% of current retirees flat-out don’t know how much savings they have in the bank.
"When it comes to retirement savings, there’s a big difference between planning to save and actually doing so," said Scott Thoma, principal and investment strategist for Edward Jones. "While intentions to save for retirement are legitimate, individuals tend to satisfy more immediate, short-term spending goals and push off their long-term saving goals.”
So what does that procrastination mean for your retirement plans, you ask? Well, a survey by Franklin Templeton Investments found that 55% percent of Americans are considering working during their retirement, and not simply out of necessity, while 30% of those ages 18 to 24 plan never to retire. The majority, 61% of survey respondents, said that if they didn't have the money to retire they'd put off retirement until they did. A full 74% of those between 18 and 24 would just keep working.