1 In 3 Americans Have Less Than $5,000 In Retirement Savings
These fears are substantiated by further data highlighting dramatic savings shortfalls and ebbing confidence in social safety nets.
- One in five Americans (21%) have NO retirement savings at all
- One in three Baby Boomers (33%), the generation closest to retirement age, only have between
$0-$25,000 in retirement savings - Three quarters of Americans believe it is "not at all likely" (24%) or only "somewhat likely" (51%) that
Social Security will be available when they retire - Nearly half (46%) of adults have taken no steps to prepare for the likelihood that they could outlive their savings
"As financial implications of retirement become increasingly complex, inertia just isn't an option," saidĀ Rebekah Barsch, vice president of planning for
This is the initial set of findings from the 2018 Planning & Progress Study, an annual research project commissioned by
Living Longā¦and Working Longer
Concerns about financial security in retirement are leading people to work longer. In fact, more working Americans anticipate retiring at 70 years or older (38%) than in the more traditional 65-69 age range (33%).
Among the more than half (55%) of Americans who believe they will have to work past age 65 from necessity, 73% cited "not enough money to retire comfortably" as the dominant driver.
Other reasons mentioned include:
Social Security not being sufficient to take care of their needs (61%)- Concerns over rising costs like healthcare (52%)
For those who plan to work past 65 by choice, disposable income (55%) and professional satisfaction (54%) were near equal motivators. This is a notable contrast to 2015 Planning & Progress Study findings where career enjoyment was the leading driver (66%) followed by interest in additional income (60%). Ā Ā
"Continuing to work later in life should be a personal choice not a mandatory requirement for survival," continued Barsch. "Proactive financial planning can be the difference between a desired and a default retirement lifestyle."
AboutĀ The 2018 Northwestern Mutual Planning & Progress Study
TheĀ 2018 Planning & Progress StudyĀ was conducted by Harris Poll on behalf of
About
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