The biggest aimfor a working person is to earn, enjoy and save enough at the same timeso that their after retirement lives can be spent with enjoyment and happiness. However, a survey has shown that of all the elderly population living in America, around 36% of them have saved nothing to carrythem through their retirement phase later in life.
The survey also found that of those aged 65 and above, only 14% have something saved for their retirement. Of those aged 50 – 64, just 26% have saved for their retirement. Of those aged 30 – 49, 33% have started saving and ultimately, of those aged 18 – 29 around 69% have already made an effort to make their older years comfortable. The biggest revelation that is seen through this data is that the younger generation is more aware of saving for their later years than the now senior generations were in their time. The survey was conducted on 1,003 adults.
According to Greg McBride, who is the Chief Financial Analyst for Bankrate.com, which is a website for personal finance, “These numbers are very troubling because the burden for retirement savings is increasingly on us as individuals with each passing day,” “Regardless of your age, there is no better time than the present to start saving for your retirement. The key to a successful retirement is to save early and aggressively.”
There are two main reasons that have been quoted for theselack of savings – one is rising expenses and every day needs, and the enhanced cost of living. Other than these, it was also seen that compared to earlier, less people are happy with their savings. However, overall financial health, net worthandjob security are improving than what it was earlier.