Workers Have Retirement 'Overconfidence'

NEW YORK - The majority of American workers think they'll be able to retire comfortably, but most aren't saving nearly enough to meet that goal, according to a new study.
The Employee Benefit Research Institute's annual retirement confidence survey, released Tuesday, found that about 68 percent of workers are confident about having adequate funds for a comfortable retirement, up slightly from 65 percent in 2005.
At the same time, more than half of all workers say they've saved less than $25,000 toward retirement, according to the Washington, D.C., based research group. Even among workers 55 and older, more than four in 10 have retirement savings under $25,000.
"`Overconfidence' is the word that comes to mind," said Jack VanDerhei, co-author of the study.
He said that the poor savings performance was especially troubling because it comes as many of the nation's employers are eliminating the defined benefit plans — better known as pensions — that have buoyed the retirements of current workers' parents and grandparents. Many companies also are eliminating retiree health care coverage or asking retirees to contribute more for it.

$25,000?
That isn't even enough to cover their credit card debt.
If the Bush administration's inflation policy is successful, $25,000 might be enough to buy groceries for a couple of months.. maybe it will cover your electricity bill for the year but i doubt it..
another puke factor setting in..

note to self: pay off debt and save cash