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Planning for retirement can be stressful, and a new report from the Federal Reserve suggests that many Americans have not begun saving for their post-work lives.
The Federal Reserve recently published in the US based on the sixth annual Survey of Household Economics and Decision Making, which asked a series of questions about financial and economic well-being and status.
The survey asked respondents to report what types of retirement savings they had. While defined contribution pension plans, IRAs, defined benefit plans, and other types of savings were common, 26% of non-retired adults – regardless of age.
Americans' self-badessments of their retirement plans also suggest wide-spread worries about being prepared for post-working life. According to the report, "[36%] of non-retired adults [44%] say it is not on track, and the rest are not sure. "
Read more: The same basic mathematical concept behind your retirement account growth is why it feels like the robots are taking over
Unsurprisingly, Americans were more likely to lack retirement savings than Americans – 42% of non-retired adults under 30 reported having no retirement savings. However, a fairly large share of people living with a low income, with 13% of non-retired respondents over age 60 reporting no savings.
Respondents' self-badessments of how their retirement plans are going varied by age. Only 26% of 18-29 year olds being retired. Even among non-withdrawals over 60, fewer than half – 45% – said their plans were on track.
Americans are worried about their retirement plans. In a recent survey by LendEDU asking about their financial goals and priorities, 19% of people said that they would not be able to achieve this goal. YH
Such is the nature of the Great American Affordability Crisis.
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