Do you save money from your paycheck every month? Do you have a 401(k)? Are you even thinking about saving for retirement? CNN Money reported some extremely disturbing findings from a new study this morning.
“The percentage of American workers with virtually no retirement savings grew for the third straight year.”
Let’s take a look at the numbers.
Percentage of workers with less than $10,000 in savings
2010- 43%
2009- 39%
Percentage of workers with less than $1,000 in savings
2010- 27%
2009- 20%
Percentage of workers who have something saved for retirement
2010- 69%
2009- 75%
Take a closer look at that last figure: It means that 31% of workers have nothing saved for retirement! The survey also found that only 16% of respondents were confident in their ability to save enough for a comfortable retirement.
Most financial advisors agree that retirement savings should be close to 80% of pre-retirement income – meaning putting away at least 6 percent of your salary per year is a great start if you start early enough, thanks to the miracle of compounding interest.
Check out our Money Matters article on retirement savings for more helpful tips on 401(k)s and planning ahead. And start saving now! There are no do-overs when it comes to saving for your future.
Image courtesy of Moneyning.
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Retirement can be the saddest or happiest day of your life. So you should set your savings
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