first_imgNEW YORK – A growing number of Americans say they’re not putting away as much as they should for retirement, a shift in attitude experts believe could lead to improved saving practices in the future. A survey released Thursday by Fidelity Investments, the Boston-based retirement services provider, found that 83 percent of workers recognized that they were saving too little for retirement, up from 78 percent a year ago. “That’s a tremendous jump in awareness,” said Robert L. Reynolds, Fidelity Investments’ vice chairman and chief operating officer. “And I think it is only going to continue to grow over time.” He said that such a “mind-shift” could result in workers taking action to improve their retirement preparedness. AD Quality Auto 360p 720p 1080p Top articles1/5READ MOREBasketball roundup: Sierra Canyon, Birmingham set to face off in tournament quarterfinalsThe survey found that American workers currently were saving at a rate that would allow them to replace about 57 percent of their preretirement income after they stop working, The figure – which factors in Social Security benefits, pensions, workplace savings and private savings – means that a family living on $50,000 would see its income drop to about $30,000 in retirement. “That’s a very stiff pay cut to adjust to … if current savings patterns do not change,” Reynolds said. Most experts suggest that families should aim to replace 85 percent of pre-retirement income for a comfortable retirement. Reynolds said he was heartened that more than half of Americans took some action over the past six months to improve their retirement readiness, from increasing contributions to company-sponsored 401(k) retirement accounts to seeking advice. But three-quarters of those surveyed said that the recent sharp run-up in fuel prices was affecting their ability to save – or to save more. 160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set!last_img

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