43% of American Workers Have Less than 10k in Retirement Savings

A new survey released by the Employee Benefit Research Institute revealed that the percentage of American workers with very little in the pot for retirement savings grew for the third straight year. According to the Retirement Confidence Survey, which was released on Tuesday, the percentage of workers who have less than $10,000 in retirement savings grew four percent between 2009 and 2010.

Statistics from the Employee Benefit Research Institute

It seems that workers have had more trouble than ever saving for their nest egg, whether it be in the 401(k), IRA, or savings account. Some statistics from the Employee Benefit Research Institute are very telling of the state of today's American workersandtheir ability to savefor retirement:

• 43 percent of workers said they have less than $10,000 in savings in 2010. This number grew from 39 percent in 2009.
• 27 percent of workers said they had less than $1,000. This number jumped from 20 percent in 2009.
• 69 percent of workers said they saved for their nest eggs in 2010. This number dropped from 75 percent in 2009.
• Only 16 percent of respondents said they have confidence in their ability to save enough for a comfortable retirement. This is the second-lowest point in the 20-year history of the survey.

The money for retirement counted in this survey didn't include the value of primary homesor defined-benefit pension plans.

Americans Are Still Shell-Shocked

It seems that many Americans are still shell-shocked after losing much of their 401(k) during the financial crisis. Even though many workers regained their investments in 2009, some are still concerned about their ability to save in the long term.

One major contributorof this attitude toward retirement is job loss. However, mortgage problems and even the suspension of many corporate 401(k) matches in 2009 have played vital roles. Most workers are more concernedwith their immediate issues than planning for their long-term goals. However, these goals are still important.

If you've reached a point that you no longer know how to save for retirement, it's good to keep in mind that there are always ways for you to rebuild your nest egg, even if you lost most of it during the financial crisis. It's never too late to pull your finances together, so use today to pick yourself up and start saving for your future once again.