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Americans don’t contribute enough to retirement funds, MU researcher finds
As the oldest of the baby boomers begin to reach retirement age, a large percentage of Americans are thinking more and more about how much money they must save to be able to retire comfortably. Also, more and more employers are changing retirement benefits from defined-benefit plans, which guarantee some level of retirement income, to defined-contribution plans, which require employees to invest on their own for retirement. All of these changes, plus the recent economic recession, have created a difficult financial environment for future retirees. Now, University of Missouri researchers have found that more than 90 percent of future retirees are contributing only a minimal amount of their salaries to their retirement funds. Rui Yao, an associate professor of personal financial planning in the College of Human Environmental Sciences at MU, says this number is quite concerning. Read more…
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