At Work

Who is going to go broke in retirement? Better question, why?

While respondents in Northwestern Mutual’s 2019 survey reported better money management skills than those surveyed 10 years ago, the outlook for many of their futures remains grim. The survey found: 22% of Americans have less than $5,000 saved for retirement. 15% have no retirement savings at all. 56% don’t know how much money they need to retire comfortably. 41% are taking no steps to prevent themselves from running out of retirement savings, though many see this as a possibility.

The percentage of Americans with less than $5,000 in retirement savings actually decreased compared to last year, but 22% is still an alarming number of people without adequate savings.

The study focused on baby boomers and Generation X – the two generations next in line for retirement – and the results showed both groups have work to do. Of the 10,000 baby boomers turning 65 every day, 17% have less than $5,000 in retirement savings, and 20% have less than $5,000 in personal savings outside of a retirement account.
Source: Retirement, social security: Baby boomers, Generation X to go broke

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1 reply »

  1. .

    Which is why the SECURE Retirement bill passed overwhelmingly and bipartisanly last May in the House. Yet a couple of GOP senators hold it hostage and may kill it in the Senate. How a couple of senators have that much power is beyond me. But one of them is my senator, Ted Cruz. I will NEVER vote for him again !!

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