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Most Americans Unprepared for Retirement

09-08-2014

Most people don't have an adequate amount of money saved for retirement. Many have virtually nothing, according a new report.

A study by the Employee Benefits Research Institute shows 36 percent of workers said they have less than $1,000, and 16 percent have less than $10,000.

That number, however, doesn't include traditional pension plans since most people don't know what they're worth.

Still, Mark Fried, president of TFG Wealth Management, told USA Today the survey "highlights the impending retirement crisis that we will face over the next 20 years."

He also said the country needs more financial education.

"When I see these numbers I have ask the question: How did we get here?" Fried said. "We need more financial education in the schools, in the media, in the workplace."

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