Many full-time American workers, despite a hefty increase in retirement savings this year, still are not putting away enough to maintain their living standards when they quit work, a survey found.
The fourth annual Workplace Pulse Survey released Tuesday found working Americans had boosted their annual savings by 21.6 percent, to $2,160.
The increase reversed a two-year downward trend after savings reached $2,688 in 1992. They fell to $1,932 in 1993 and to $1,776 in 1994.
“This is good news for workers who expect to enjoy a retirement standard of living close to what they have had when working,” said Workplace Pulse spokesman Bill Bennett.
“However, workers are still not saving as much as they were in 1992,” he added.