More than half of Americans say they don’t have enough for retirement, poll shows | CBS News

More than half of Americans say they don’t have enough for retirement, poll shows | CBS News

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………full-loaf-600x400-1-e1700879832480 More than half of Americans say they don't have enough for retirement, poll shows | CBS News[read more]

Rising Dough

Rising-Dough-e1700879911412 More than half of Americans say they don't have enough for retirement, poll shows | CBS NewsHow 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?

*Click on the “Full Loaf” icon to read the full article! After you read the full article, let us know your thoughts.

5 1 vote
Article Rating
stone-street-coffee-logo More than half of Americans say they don't have enough for retirement, poll shows | CBS News ☕️ **Discover Stone Street Coffee Company – Your Coffee Haven!** Today’s Dough readers, if you’re on the hunt for exceptional coffee and cold brew, look no further than Stone Street Coffee Company. We at Today’s Dough are smitten with their rich coffee blends and refreshing Cold Brew. Stone Street’s commitment to quality shines through in every sip. Now, exclusively for our readers, click the banner above to snag a $5 off coupon on your next order. Experience the finest, ethically sourced beans roasted to perfection. Join the Stone Street community, savor top-notch coffee, and elevate your daily brew. ☕️🌟

Subscribe
Notify of
7cb2118816d2fc953d4da9fe4ae7c8c8?s=56&d=mm&r=g More than half of Americans say they don't have enough for retirement, poll shows | CBS News

0 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

Share this content:

5 1 vote
Article Rating
stonestreetcoffee.com ☕️ **Discover Stone Street Coffee Company - Your Coffee Haven!** Today's Dough readers, if you're on the hunt for exceptional coffee and cold brew, look no further than Stone Street Coffee Company. We at Today's Dough are smitten with their rich coffee blends and refreshing Cold Brew. Stone Street's commitment to quality shines through in every sip. Now, exclusively for our readers, click the banner above to snag a $5 off coupon on your next order. Experience the finest, ethically sourced beans roasted to perfection. Join the Stone Street community, savor top-notch coffee, and elevate your daily brew. ☕️🌟

Subscribe
Notify of
guest

0 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments
0
Would love your thoughts, please comment.x
()
x
×