Young Adults Found to be Well Prepared for Retirement
March 26, 2001
Young adults under 35 who have retirement accounts with Fidelity Investments of Boston are well prepared to meet their retirement needs. On average, if they sustain their current savings rates, they are likely to cover 124 percent of their retirement needs. However, those 35 and over are likely to fall short. If they sustain their current savings rates, those in the 35 to 50 age group are likely to be able to cover only 60 percent of their retirements needs while those over 50 are likely to have enough to cover only 27 percent of their needs.
This is one of the findings of a report released last week by the Fidelity Institutional Retirement Services Company on the defined contribution industry. The report is the second produced by Fidelity and is based on data from 1999. That data is for 6.2 million Fidelity participants in about 7,000 plans, according to Fidelity.