American workers not only don’t save enough money toward retirement, they really don’t know how they’ll turn what they do save into income once they leave the workplace.
Related: Gaps grow in retirement preparedness
According to the "TIAA 2016 Lifetime Income Survey," 58 percent of respondents feel confident that they can successfully turn their retirement savings into income after they stop working. And, ironically, only 35 percent are concerned that they might run out of money during retirement — despite the facts that only 46 percent even know how much they’ve saved and even fewer — just 35 percent — know how much monthly income they’ll have in retirement.
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