Bad News Continues for Saving Enough for Retirement
The bad news just doesn't stop for saving enough for retirement, despite U.S. stock markets being near record highs. A research report, released by The National Institute on Retirement Security, showed the median retirement account balance dipped from $3,000 to $2,500. That's right, $2,500 isn't a misprint.
An even more depression fact is, nearly 40 million households have no retirement savings at all. Granted, current savings rates are nothing to write home about but that shouldn't be an excuse not to save for retirement. If you're one of the 40 million that doesn't have any retirement savings you need to start right away. The old Chinese Proverb "the best time to plant a tree was 20 years ago, the second best time is now," holds true to saving as well. The median retirement account value for those near retirement, age 55 to 64, is $14,500. The retirement account balance is higher than the overall median, but the situation is more dire if you fall into that age group. If you're near retirement, you have no time to save and invest, to try and make up for lost time. ![]() Source: National Institute on Retirement Security We all know we are not saving enough for retirement, but are not doing anything about it. A report released earlier this month by the NIRS showed 86 percent of Americans believe there is a retirement savings crisis. 75 percent of Americans are worried about their own ability to achieve a secure retirement. ![]() Source: National Institute on Retirement Security Listed below are some interesting findings in the report:
You can view the entire report on the NIRS website: The Continuing Retirement Savings Crisis |
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