Retirement Benefits Savings are Increasing But Not Fast Enough

The issue of retirement benefits savings has become a hot topic in the recent times. Everyone is worried about whether they are saving enough or how will they live a comfortable life post retirement. People who worry about it must be pleased to know that Americans are doing good in preparing for retirement, but there is still a lot of room for improvement. A new survey has revealed the saving pattern of various generations and has pointed out how many people have less than $100,000 saved for retirement.

The Survey Showing Retirement Benefits Savings Pattern

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The survey that tries to highlight how Americans retirement benefits savings have increased was conducted by Fidelity Investments. It is an American company that helps people to prepare for retirement by offering various options such as ETFs, IRAs, etc. The results of the survey were put in a report known as Retirement Preparedness Measure. It is a part of the company’s bi-annual retirement savings assessment. The key finding in the report was that people are getting closer to their retirement goals by saving more with time.

The Major Problem

The report also showed a major problem with regard to the retirement savings. It showed that about 55 percent of people are still at the risk of being unable to completely cover the vital living expenses post retirement. The vital living expenses include paying for basic things like health care, housing and food.

The Key Results

Other key things that were highlighted in the report and are worth knowing are listed as follows:

• A full third of Americans have no retirement savings at all.
• About three in four Americans have less than $1, 00,000 saved towards retirement.
• Americans who are older than 55 years of age were also analyzed. About 60 percent of them have less money saved than the $1, 00,000 mark. Around 28 percent people at this age have no savings at all.
• The saving habits of the GenXers were also studied and it was discovered that 72 percent of them have less than $1, 00,000 saved towards retirement. About 30 percent of GenXers have no savings at all.
• The saving patterns of the Millennials were also analyzed. It showed that 90 percent of Millennials have saved less than $1, 00,000 towards the retirement benefits. About 42 percent of Millennials have no savings at all.