U.S. workers save more, retire later

January 19, 2005

People save more for retirement in the U.S. than in any other country, but most U.S. workers expect to work longer than they desire, according to AXA Retirement Scope, a global survey on life, work, and retirement released today.

The survey found that 76 percent of U.S. workers are saving for retirement, compared with less than 40 percent of workers in Italy, Spain, and The Netherlands.

According to the survey, U.S. workers on average are saving $687 per month toward retirement, a figure that reflects their investment in such savings vehicles as conventional savings plans, life insurance policies, and pension plans. Retirees save $535 per month, on average.

Retirees, on average, say they are retiring at 58 years old. U.S. workers, however, say they would like to retire at 55, but, in reality, don't expect to retire until they are 63.

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