Released: April 13, 2007

$25K in retirement account? You’re not alone

Source: Jeanne Sahadi, CNNMoney.com

How much do you need to retire? Whatever your magic number is, few would say $25,000. And yet, there are a lot of people in that boat, according to a survey released Wednesday.

Nearly half of all workers saving for retirement have savings that fall short of the $25,000 mark, according to the 2007 Retirement Confidence Survey by the Employee Benefit Research Institute and Matthew Greenwald & Associates.

Predictably, the youngest workers (ages 25-34) dominate this group - 68 percent of them have less than $25,000 earmarked for their later years. But so do half of workers age 35 to 44 and a third of workers age 45 to 55 and over.

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