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How many, or few, Americans have a retirement savings?

Money

NEW YORK (CNNMoney) — It’s no secret that many Americans aren’t saving enough for retirement, but a big chunk of households have saved nothing at all.

Nearly a third, or 31% of U.S. adults said they had no savings or pension to help them afford retirement, according to the Federal Reserve Board.

Even more alarming: 19% of those very close to retirement age, between the ages of 55 and 64, said they had no savings.

As a result, more than half of these respondents said they planned to either work full-time or part-time during their retirement years.

Meanwhile, a quarter of those surveyed said they didn’t know how they would afford their golden years.

A big part of the problem: many low- and middle-income households “have little financial cushion at all” and often lack even basic emergency savings, the Fed survey found.

Plus, around half of workers and the majority of part-time workers don’t receive retirement benefits at work, making it even harder to save.

The Federal Reserve Board survey, which took place last year, polled more than 4,000 working and retirement-age Americans on everything from retirement savings to student loan debt.

6 comments

  • RetirementLiving (@RetirementSite)

    The best chance to retire on your terms is to start planning and saving/investing early in life, do it with every paycheck and take advantage of any opportunity to increase your nest egg (employer matching plans, catch up contributions when you reach 50,etc.). While this may be difficult for some, many others don’t think or prepare for retirement until they are almost there.The site Retirement And Good Living provides information on investing, planning, downsizing, frugal living. retirement locations and many other retirement topics that can help those who are planning for retirement or are already retired.

  • Robbie

    Thanks to George W.Bush and President Barrack Obama I have amassed a very nice retirement account. Bush caused the stock market to crash, I invested when it was down, voted for Obama and now the market is at all time highs. Two best votes I ever made. You good people have a nice day. Looks like no rain after all so I’m going to the lake and fish.

  • Mira Patel (@qatifemyj)

    There is really no excuse for a lack of retirement savings.

    Here’s the path to retire on your own terms, in 7 steps:

    1) Pay off your debts as fast as you possibly can. If this means living in a crappy studio apartment and eating ramen everyday for a couple of years, do it. If you want to buy a car, get a reliable beater. Get insurance for $25/month from Insurance Panda. Forget about buying a house until your debts are paid off.

    2) Once you are out of debt, stay out of debt. The only exception to this rule is a vehicle and a house. If you want to get a nicer car, buy used and be able to pay it off in a year or 2

    3) If you are going to stay in the same spot for at least 10 years, buy a house, preferably with at least a little bit of usable land. An acre is good, 5 acres is better. Take the amount you are pre-approved for and cut it in half – that’s how much you should spend on a house. Come to the table with at least 20% down and make a couple of extra mortgage payments every year. If you’re going to be transferred or relocate every 5 years, forget about buying a house and rent instead.

    4) Develop multiple revenue streams. Do contract work. Start a business on the side. Invest in a business as a silent partner. Raise chickens, breed dogs or grow apples. Build websites. Buy and sell antiques. Acquire rental property. Sell something that generates residual income. Learn to play the currency markets or trade stocks. Do whatever you can to generate income from multiple sources.

    5) Grow these multiple revenue streams to the point that they generate enough consistent and reliable cash flow to replace your current income.

    6) Make as much as you can. Save as much as you can. Give away as much as you can.

    7) Retire!- the sooner, the better. Be sure you understand that “retirement” doesn’t necessarily mean you stop working, it just means having the freedom to do what you want to do, when you want to do it.

    Don’t be foolish and fall into the trap of trying to measure your wealth by the value of your assets. Markets change. Valuations fluctuate. Instead, measure your wealth by the amount of cash flow your assets consistently generate.

    • Sam

      Sounds like excellent advice to me. The only thing that I would add, from experience, is to work on your health first.

      • Sulia

        From experience, not everyone `want to` work on their health and not everyone `need to`.
        Sociopath won`t even think that he needs any help,but instead will destroy someone else`s life and health without any emotions…

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