Do you hope to retire one day? If you’re like most Utahns, the answer is a resounding yes. AARP surveyed 1000 Utahns age 25-64, and 89 percent hope to retire from working completely. (The survey, Making Retirement a Reality: Helping Utahns Age 25-64 Save and Take Control of Their Future was conducted in December of 2014.) Yet one in six of has less than $5000 in savings. Given that the average lifespan is now nearly 80, it’s sobering to wonder how these people will have financial security in their retirement years.
AARP Utah unveiled a statewide survey that showed a growing concern over retirement savings in the state. The survey, Making Retirement a Reality: Helping Utahns Age 25-64 Save and Take Control of Their Future, engaged 1,000 Utahns age 25-64 and found that 85 percent wish they were able to save more money for retirement and 77 percent support the idea of a state-created retirement plan for those who lack access at their place of work. One in six of those surveyed has less than $5000 in savings. Currently in Utah, 53 percent of private sector workers  – and 21 percent of those surveyed -- do not have access to a retirement savings plan at their place of work. The results were presented during AARP Utah’s Democracy Day event at the Utah State Capitol on February 12.
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