Forty-five percent of working Americans has made the calculation, up from 32 percent in 1996 and 36 percent in 1997. The increase is particularly striking among baby boomers. More than one-third are worried they will not be able to take care of medical expenses, and 30 percent don't think they will have enough money to support themselves in retirement no matter how long they live. Concern remains about the nearly one-third of Americans who are not saving and the reasons they do not. Accord-ing to this survey, most think they are already stretched to the limit.
Fear seems to be an important motivator in encouraging workers to save.
This perception may reflect reality. The 1998 Retirement Confidence Survey reveals striking evidence that savings education has a measurable and positive impact on savings behavior. Eighty-one percent of those receiving employer information in the past year have money earmarked for retirement, versus 67 percent of those who have not received information. Fifty-six percent of those who received employer information have tried to figure out how much that they need to save, compared with 38 percent of those who have not received information from their employer. This survey also reveals some striking differences in retirement planning among members of minority groups surveyed.