1 in 3 Americans Has $0 Saved for Retirement

1 in 3 Americans Has $0 Saved for Retirement
1 in 3 Americans Has $0 Saved for Retirement

One in three Americans has absolutely nothing saved for retirement, according to a survey of over 4,500 people by personal finance website GOBankingRates.com.

The survey also found that:

  • 56% of Americans have less than $10,000 saved for retirement.
  • Women are 27% more likely than men to have no retirement savings.
  • 72% of millennials have saved less than $10,000 for retirement ― or nothing at all.
  • About 75 percent of Americans over 40 are behind on saving for retirement.

GOBankingRates’ survey asked 4,506 respondents, “By your best estimate, how much money do you have saved for retirement?” and provided seven answer options.

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“The survey shows that the closer savers get to retirement, the further behind important savings benchmarks they fall,” said Elyssa Kirkham, lead reporter on the survey for GOBankingRates.

“This means young people won’t be as far behind on retirement savings and will also have more time to save. But for older savers nearing retirement, this is an urgent problem they need to proactively address so they can get their retirement savings back on track.”

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To help people gauge if their retirement savings are on track, GOBankingRates.com also created a guide on how much adults in different generations and income levels should have saved right now, with expert tips on how to get there for those who are behind.

GOBankingRates’ survey posed the question, “By your best estimate, how much money do you have saved for retirement?”

Respondents could select one of the following answer options: 1) “Less than $10K,” 2) “$10K to $49K,” 3) “$50K to $99K,” 4) “$100K to $199K,” 5) “$200K to $299K,” 6) “$300K or more,” or 7) “I don’t have retirement savings.”

Responses were collected through three separate Google Consumer Surveys conducted simultaneously Jan. 21-23, 2015, and responses are representative of the U.S. online population.

GOBankingRates.com is a leading portal for personal finance and consumer banking information.

RMN News

Rakesh Raman