I know. The news is shocking. But according to a recent study by the Employee Benefits Research Institute outlined in this USA Today article, Americans are doing a terrible job of saving for retirement.
Most people have very little tucked away for retirement, and many aren’t even trying to figure out how much they’ll need later in life, a new national survey reveals.
Here are some highlights:
- 36% of workers have less than $1,000 in savings and investments that could be used for retirement
- Only 44% say they or their spouses have tried to calculate how much money they’ll need to save by the time they retire so that they can live comfortably in their golden years
- The two most important reasons people gave for not saving more are cost of living and day-to-day expenses
- Only 18% of workers in 2014 say they are very confident they can retire comfortably
- Experts suggest that if possible, people 40 and older should try to save up to 20% of their income.
So where do you fall in these statistics? Are you saving enough? Are you confident that you’ll live a comfortable retirement? If it’s time for a checkup on your retirement savings, give us a call.