Don Blandin, president of the American Savings Education Council (ASEC) in Washington, D.C., says 65 percent of today's workers have not calculated what they will need in retirement.
Two very dangerous practices are "over-estimating how much we will get from Social Security and under-estimating how long we will live," said Blandin, speaking at Tuesday's Frankfort Rotary Club meeting at the Holiday Inn-Capital Plaza. "Put those two things together and you're kind of in for a rocky road if you haven't been saving all along, really from your first day of employment with your first job."
Blandin talked about the national Save For Your Future education campaign, a partnership between the Social Security Administration and ASEC to inform Americans about the need to save and plan for retirement and other life stages.
Twenty-nine percent of American workers say they or their spouse have not saved for retirement, according to the 2003 Retirement Confidence Survey.
Social Security, established in 1935, was never meant to be a sole source of retirement income, Blandin said.
"Social Security for the average American only replaces about 40 percent of pre-retirement income. For most of you in this room, it's probably going to be something more like 23 percent."
The balance, he said, must come from pensions, personal savings and investments. And it's important to know what you'll receive from all sources.