While 27% of Millennial Americans allocate more cash towards coffee than retirement savings, most save an average of $480 per month on retirement.
Tag: retirement savings
Ninety-eight percent wish there was a way to make up for lost time, but 63% say they cannot take the chance of investing in higher risk financial products.
Yet, a significant number are not saving for retirement at all.
However, a brief released from the Center of Retirement Research shows retirement wealth accumulation is affected by having student loans.
Four in ten Americans (40%) admit that they have tapped into their savings to pay for something that they really want, but didn’t absolutely need.
On top of this, more than three in four worry Social Security could be extinct by the time they retire.
Retirement plan sponsors have access to a plethora of data that can help them in making plan design and participant education decisions.
Addressing employees’ financial issues can help them free up cash to save for retirement, including long-term health care costs.
The women are also far more risk-averse, PNC Investments learned in a survey.
But, TD Ameritrade finds only 38% are saving for retirement.
Among those who have made an estimate, the median amount is $650,000, Bankrate.com learned in a survey.
If an additional major drop in the market were to cause an extreme monetary loss, 38% of respondents to an Allianz Life survey do not believe they could rebuild their retirement savings.
Six in ten (61%) survey respondents are simply not sure how long it might delay their ability to save for retirement should a large 6,000 point drop in the Dow occur.
A report from Hearts & Wallets also reveals the market for existing income management tools for new retirees is 3.5 million households.
Expenses are cited as the main reason why they are failing to save anything, Bankrate.com found in a survey
When American workers were asked how helpful further education would be to achieve their goals, a large majority expressed the need for additional financial education.
Of all factors, salary was found more likely to encourage savings both an HSA and 401(k).
We recently covered a survey in which Americans reported an average bump in take home pay of $130.76 as a result of tax reform. Nearly 13% indicated they are going to use that money to save more for retirement.
It will only take a few pay cycles for folks to get used to seeing the extra money come in; thus the impetus is on plan sponsors to act today to directly encourage employees to consider putting some or all of their additional take-home pay into the retirement plan.