American saving less for retirement, most with less than $25K in - WTOC-TV: Savannah, Beaufort, SC, News, Weather & Sports

American saving less for retirement, most with less than $25K in bank

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CHARLOTTE, NC (WBTV) -

It is a constant tug of war for thousands of people across the country - saving for retirement versus having enough money to pay bills. And a new survey shows just how bad we're doing.

The survey shows 28% of Americans have no confidence they'll be able to retire comfortably. 57% of those surveyed say they have less than $25,000 dollars in total household savings and investments,  excluding their homes. And only half of those surveyed said they could come up with $2,000 dollars for an unexpected need.

The Employee Benefit Research Institute has been tracking retirement for more than two decades through the annual study. In January - even as the stock market was heading toward new highs - the agency found the number of Americans with no confidence that they'll have enough money in retirement spike to the highest level in the study's 23-year history.

"I'm trying to get my money and my breath to run out at the same time," says Ann McKinsey, as she headed into a Harris Teeter in Charlotte. "Which everybody wants to do. What's enough? After a while, your lifestyle has to readapt. And that's probably what I will do. Downsize. Rent, rather than buy. Maybe even live in with a relative. So. It's pretty scary."

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