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! I’m an award-winning Certified Life & Business Coach, Ramsey Solutions Master Financial Coach, published author, and prayer warrior (I serve on the prayer team at my local church). I’m on a mission to inspire women–at any stage of life–to bust through their fears, transform their relationship with money, create retirement security, and own their worth! That’s true wealth!