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Is Your Retirement in Jeopardy?

More than half of U.S. households don’t have enough saved for retirement, says the Center for American Progress in a new study called, “The Reality of the Retirement Crisis” – and it’s getting worse.

Is your retirement in jeopardy? Possibly, if you’re not saving on pace to put yourself in a safe position in your golden years – and most American’s aren’t. In fact, “no matter how households’ needs in retirement are projected or how their incomes, assets, and debts are measured, an unacceptably large share of Americans appears at risk of being forced into a lower standard of living in retirement,” the Center for American Progress noted.

Perhaps most alarming is the finding that nearly 31 percent of Americans aren’t saving at all.

(Learn more about how investing may help you save for retirement with these top picks from the AIMkts Editors, here)

However, it may be less about willingness than about opportunity, the study found, noting:

[M]any still lack access to the primary savings vehicles used by workers today: workplace retirement plans. As of 2014, only 65 percent of private-sector workers had access to a retirement plan through their jobs, and only 48 percent participated in one. Even when looking just at full-time workers, more than one-quarter still lacked access to an employer-sponsored retirement plan, and more than 40 percent did not participate in one. Moreover, these numbers have not been getting significantly better over time. In fact, studies that use data that allow for long-term analysis indicate that the share of private-sector workers with access to workplace plans is actually lower now than it was in the late 1980s.

(If you don’t have access to a workplace retirement plan, or want to diversify, click here)

Read the entire study in PDF format, here.

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About Alicia Purdy

With a Master's degree in Journalism and extensive experience as a freelance writer and editor, Alicia has found success across genres including: news, business and finance, government/politics, faith and family as well as blogging.

View all articles by Alicia »

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