According to statistics, most Americans do not.
- 46% of Americans have less than $10,000 saved for retirement. (Employment Benefit Research Institute)
- 40% of baby boomers now plan to work until they die. (AARP)
- 36% of Americans say they don’t contribute anything at all to their savings. (CNBC)
- 87% of adults say they are not confident they have enough money for a comfortable retirement. (Lifehappens.org)
- Expected retirement age is up to 67 from age 63. (AARP)
With 10,000 baby boomers turning 65 years old every day for the next 17-18 years, you can see how this could create a catastrophic economic storm.
Obviously, the best way to protect your future financial security for your family is to save as much as you possibly can. But where you put your savings matters just as much.
I’ll be sharing more on this topic in upcoming blog posts. Stay tuned…
Meanwhile, use the Retirement Savings Calculator at Bankrate.com to determine how much savings you need for retirement.
Hello, I’m Patti Fagan. Women’s financial empowerment is my passion! I am an award-winning money coach and Ramsey Solutions Master Financial Coach, dedicated to helping women transform their money relationship so they can experience financial peace of mind, and enjoy life knowing they’ll always have the money they need to take care of themselves and their loved ones.