Building Wealth for Retirement
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A few days ago, we wrote about the need for Americans to get a reality check about their retirement.
The following piece published recently in Human Resource Executive magazine underscores the need for many Americans to “get real”:
Workers Dream of Lottery Wins for Retirement Savings
Two in 10 (21 percent) Americans think the most practical way for them to accumulate several hundred thousand dollars is to win the lottery, according to the Financial Planning Association/Consumer Federation of America Personal Wealth Survey.
When asked in a separate question about very important wealth-building strategies for all Americans, 16 percent said “win the lottery.” Those without high-school degrees were much more likely to select this option than were those with college degrees.
More than half (55 percent) of the survey respondents. however, said the most practical way was to “save something each month for many years.”
Thankfully, the same survey found that the majority of Americans have wiser and more realistic notions of how to build wealth for retirement:
Both planners and individuals view workplace saving as an important wealth-building strategy though more planners (89 percent) than individuals (69 percent) see it as very important. Both groups view homeownership as an important saving strategy though more individuals (78 percent) than planners (50 percent) see it as very important.
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