Most Americans want to prepare for retirement but are clueless about what they need to do
Associated Press/Alan Diaz
54% of pre-retirees have less than $150,000 saved in their employer sponsored retirement plan, and the same percent of pre-retirees also said they have no idea how much money they would need to save for retirement. 24% said they need more than a million while 22% said they need less than a million.
The biggest problem Americans face when planning for retirement is ignorance. The survey found 63% of Americans find investing "complex and confusing" and 40% [of pre-retirees] "don't know what to do to prepare for retirement."
The situation looks set only to get worse over generations as 75% of retirees believe subsequent generations will have a harder time preparing for retirement.
Uncertainty also adds to the problem. 51% of retirees were forced to retire earlier than they had initially expected, meaning their retirement income would have to last for longer. More than half of such early retirements were due to "health problems or to take care of a loved one."
- 2 states where home prices are falling because there are too many houses and not enough buyers
- US buys 81 Soviet-era combat aircraft from Russia's ally costing on average less than $20,000 each, report says
- A couple accidentally shipped their cat in an Amazon return package. It arrived safely 6 days later, hundreds of miles away.
- 9 health benefits of drinking sugarcane juice in summer
- 10 benefits of incorporating almond oil into your daily diet
- From heart health to detoxification: 10 reasons to eat beetroot
- Why did a NASA spacecraft suddenly start talking gibberish after more than 45 years of operation? What fixed it?
- ICICI Bank shares climb nearly 5% after Q4 earnings; mcap soars by ₹36,555.4 crore