Are You Saving Towards Your Retirement?
46% of all American workers have less than $10,000 saved for retirement. Have you started saving for your future?
This past weekend I felt like a very mature adult and officially opened up a Roth account to start saving for retirement. The thought has been on my mind for months, after hearing one of my dad's friends mention how he wished he started saving at age 30. And since I am just 25, I figured getting started now would be a good idea. (And my banker agreed!)
So now, I am putting away $50 from every paycheck. Overall, about 5% of my income. Hopefully by age 65, I will have a decent amount stashed away for retirement.
Retirement, the word in itself, can be scary and stressful. Check out some of these insane retirement facts:
- 88% of Americans are worried about being able maintain a comfortable standard of living in retirement, and for good reason. This is nearly nine out of every 10 people, and really puts the gravity of the "retirement crisis" into perspective.
- According to the Social Security Administration (SSA), 34% of American workers have no savings set aside specifically for retirement.
- 40% of baby boomers plan to "work until they drop", according to an AARP survey.
- Social Security makes up at least half of all income for 65% of retirees.
- The average monthly Social Security benefit is $1,335 per month, as of June 2015.
SOURCE: The Motley Fool, LLC
With the future being so unknown, it is the best idea to start saving for retirement as early as possible. Have you started saving for your future? At what age did you start putting money away for retirement? Let us know!