More than half of Americans say they don’t have enough for retirement, poll shows | CBS News
Retirement may seem like a far-off dream, but for many Americans, it’s more like a looming worry. A recent survey reveals that 56% of U.S. workers feel behind in saving for their golden years, with 37% of them admitting they are significantly behind. This financial unease is most pronounced among Baby Boomers and Gen Xers, but even younger generations are feeling the heat. Almost half of Millennials and over 40% of Gen Zers also worry they’re not saving enough for retirement, even though most of them still have decades to go.
What is the magic number for a comfortable retirement? According to a Charles Schwab survey, Americans now say it’s $1.8 million. That figure is about $100,000 higher than last year, with inflation significantly pushing the bar up. Rising prices over the last year have eaten away at savings, making it harder for workers to reach their retirement goals. As Bankrate’s Senior Economic Analyst Mark Hamrick puts it, “a majority of Americans say they are not where they need to be” when it comes to retirement savings.
Perhaps more concerning is the number of people who are not saving. Around 1 in 5 Gen Xers and 1 in 4, Baby Boomers admitted they aren’t contributing to their retirement accounts this year. Yet, despite the challenges, not everyone is giving up. About one-quarter of workers are increasing their retirement contributions in 2023, a hopeful sign that some are making moves to secure their future.
Another wrinkle in the retirement picture? Social Security might not be there to provide the safety net many expect. The Social Security Trustees report warns that the program’s trust fund could dry by 2033, leading to a 25% cut in benefits. This uncertainty is driving 72% of Americans to say they aren’t factoring in Social Security when planning for their retirement………
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Rising Dough
How do concerns about retirement savings and the future of Social Security shape the decisions businesses and investors make today, and how might these issues influence consumer spending in the coming years?
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