New Survey Says 50%+ of Americans Not Prepared For Retirement

by | Nov 28, 2019

New Survey Says 50%+ of Americans Not Prepared For Retirement

Saving for retirement? You might be the only one.

According to a new survey by Bankrate, more than half of american workers are behind on their retirement savings. Even more concerning, the people who should be retiring in a few years are not financially prepared to do so.

Experts say to start preparing for life in retirement, get your savings on track early. This means utilizing instruments such as a 401-K and IRA account. Save at least ten to fifteen percent of your income and when you’re young be aggressive. It’s ok to take risks with your retirement when you’re still putting some away.

Something to avoid doing, making early withdrawals from your retirement account. In addition to taxes, you have to pay on that money you don’t get to replace it. You won’t be able to make higher contributions down the line to make up for the money you removed.

The survey also found that thirty eight percent of american workers have never had a retirement account. Most people work to live, but at some point, don’t you want to just live?

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CBS News Radio national business journalist Brian Banmiller has spent more than 40 years in the news industry, covering business, politics and the economy on television, radio and in print. Currently, his “Banmiller on Business” reports are delivered to an audience of millions nationwide.

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