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The survey was co-sponsored by EBRI, a private nonprofit research organization, and Matthew Greenwald & Associates, a market research firm. Two-dozen public and private organizations, including financial services companies, provided funding. About 1,000 U.S. workers aged 25 and older and 250 retirees were randomly chosen for telephone interviews in January. The statistical margin of error is plus or minus 3 percent. The researchers concluded that fewer than half of workers appear to be taking basic steps needed to prepare for retirement. For example, 46 percent of those surveyed reported that they or their spouse had tried to estimate how much they'll need to save by retirement to ensure that they could live comfortably. The rest made no such calculation. Two percent of workers and 4 percent of retirees said that saving or planning for retirement was the most pressing financial issue that most Americans face. Both groups were most likely to identify job uncertainty as the most pressing concern (30 percent of workers and 27 percent of retirees) followed by meeting day-to-day needs (12 percent for each group). Participants cited the cost of living and daily expenses as the key reasons why workers either don't contribute to workplace savings plans such as 401(k)s or don't contribute enough. Fifty-five percent of workers and 39 percent of retirees reported having a problem with their debt levels. About half said they could definitely come up with $2,000 if an unexpected need arose within the next month.
[Associated
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