One in three Americans has nothing saved for retirement and just over 50 percent only have $10,000 put away for their golden years.
Retirement Living wanted to find out how its readers—retired or soon-to-be retired—have financially prepared or are financially preparing for their own retirement.
So they asked.
Findings
Pitting the currently-retired (Baby Boomers) opposite the soon-to-be-retired (Generation X), here’s what they found:
- While Gen Xers plan on saving around the same amount for retirement as Baby Boomers, most don’t know if it will be enough. Yet Baby Boomers surveyed say they feel like they have enough money to live comfortably during retirement.
- Fully 50 percent of Baby Boomers saved $700,000 or less and say they have enough to live comfortably during retirement. Around 52 percent of Gen Xers plan on saving $700,000 or less, but most aren’t sure if will be enough.
- Baby Boomers are mostly relying on pensions and their 401ks, while Gen Xers are putting the majority of their retirement savings in 401ks, IRAs and traditional savings accounts.
- Gen Xers are hoping to rely on Social Security more than their predecessors. Around 85 percent hope to use Social Security as 25 to 100 percent of their monthly income. Only 73 percent of Baby Boomers currently rely on Social Security during retirement.
- More females are saving for retirement. Baby Boomers who saved were around 65 percent male and 35 percent female. Gen Xers who are saving are close to 50 percent male and female.
- When it comes to what they wished they’d done differently, the majority of Baby Boomers mentioned three things: investing differently or played the stock market better, reduced spending or lived on a budget, invested more in a Roth IRA as opposed to a traditional IRA.
- For those not saving for retirement, stagnant wages, student loan debt and the cost of living were the top reasons given for why they aren’t able to save for retirement.