Many Americans think they aren’t keeping with their retirement savings, especially older adults.
As Americans age and get closer to their retirement age, they’re finding themselves worried they won’t have enough to survive.
A new survey from Bankrate showed 55% of working Americans feel behind, with 35% feeling significantly behind.
Why are working Americans failing to keep up with retirement savings?
As Americans get closer to their retirement age, they’re feeling even more stressed over saving for retirement.
This means workers in their fifties are likely feeling more stress than workers in their thirties.
According to CNY Central, under one third of Gen Z employees are reporting that they’re failing to keep up with retirement savings. 70% of baby boomers are reporting that they’re behind in comparison.
One expert said the results of the survey stand out but are not surprising.
One reason Americans aren’t saving up is because they do not have access to retirement plans through work.
Overall there are 57 million workers between 18 and 64 that do not have that access.
The difference between those who have these plans and those who don’t is the structure plans offer.
With a retirement savings plan through work, the money going into the account is deducted directly from the payroll.
Those who do not have these plans then have the responsibility of having to start their own account and set money aside. This is harder for people to do, especially with inflation causing people to spend every penny they have and go into debt.
According to the Bankrate survey, inflation is actually the number one reason Americans haven’t been able to save.
FingerLakes1.com is the region’s leading all-digital news publication. The company was founded in 1998 and has been keeping residents informed for more than two decades. Have a lead? Send it to [email protected]