Believe it or not, Americans aren’t saving for retirement.
Over the past several years, our team has spent countless hours conducting our own surveys and researching surveys published by reputable sources, only to find that that Americans are in dire straits when it comes to retirement.
Here are some of the statistics published by the Employee Benefits Research Institute:
•43% of Americans have less than $10,000 in retirement savings.
•31% of Americans have nothing saved for retirement.
•30% of adult Americans fall into the sandwich generation—they are contributing financially to their parents’ and childrens’ well-being.
In some of the other studies reviewed, we found that only 46% of people have started calculating what they need for retirement. And 51% said they can’t pay for medical expenses in retirement.
While this information may seem scary, there are so many steps that you can take, and costly retirements to avoid, to ensure that you don’t fall into this situation.
It all goes back to the simplest financial advice of all time—start saving early.
While many get confused by the cross-currents of Wall Street and daily economic changes, finding a good financial advisor who will help you navigate your personal investments is always something that will prevail.
How do you feel about the statistics shown above? Is there hope for the next generation of retirees in America?