New York, NY – A recent study has found that more than half of Americans are not prepared for retirement. The study, conducted by the American Association of Retired Persons (AARP), revealed that 44% of Americans have less than $10,000 saved for retirement, while 27% have no retirement savings at all.
The study also showed that the average retirement savings for Americans aged 50-64 is only $120,000, which is far below the recommended amount of $1 million. This lack of preparation for retirement is a growing concern, as the number of Americans aged 65 and older is expected to double by 2060.
Experts attribute this lack of retirement savings to a variety of factors, including low wages, high cost of living, and lack of financial education. Many Americans are also relying on Social Security as their main source of income during retirement, which may not be enough to cover all expenses.
In response to these findings, financial advisors are urging Americans to start saving for retirement as early as possible. They recommend setting aside at least 10-15% of income for retirement and taking advantage of employer-sponsored retirement plans, such as 401(k)s.
Additionally, experts suggest seeking out financial education resources and seeking the help of a financial advisor to create a personalized retirement plan. It is never too late to start saving for retirement, and taking action now can greatly improve one’s financial security in the future.
In conclusion, the study by AARP highlights the need for Americans to prioritize their retirement savings. With the rising cost of living and the uncertainty of Social Security, it is crucial for individuals to take control of their financial future and start saving for retirement. By following the advice of financial experts and taking proactive steps, Americans can ensure a more secure and comfortable retirement.
