The retirement remains far and wide-and in some cases, unattainable goals for many Americans.
One of four adults over 50 years of age said they expect Never retiredAccording to AARP survey. It is probably not surprising that Americans believe that they will need $ 1.26 million to retire comfortably, per per. Northwestern mutual,
Related: Are you on track for your age? According to a new survey here, when you should save for retirement, make 6 figures and buy a house.
In a new Report From Bank of America, 68% of employees said that saving for retirement is their number 1 financial goal, although working towards it often comes with important challenges.
Research, which surveyed about 1,000 full -time employees, participate in 401 (K) schemes and 800 employers who offer 401 (K) plan, revealed that the average employee does not start saving for retirement until the age of 30 and wants them to have more retirement education (33%).
The top expected sources of retirement income employees were as follows, according to the survey: 401 (k) or 403 (b) (85%), social security (75%), investigation or savings account 53%), IRA (38%), taxable brokerage or investment account (24%).
Related: How much money do you need to retire comfortably in your state? Here is a breakdown.
Baby boomers are retiring at a rapid rate, determining a record number of retired people in 2024, which allowed General X to beat them for the first time, Gobankingrates Informed,
On average, Boomers began savings for retirement at the age of 34; According to the Bank of America survey, now in the 60s and 70s, one of them does not feel on the track to retire. Additionally, only two out of 10 boomers stated that they fully understand their social security benefits.
The cost of increasing healthcare in retirement offers another obstruction, as only 34% of the employees said that they are saving and investing for future health care expenses, despite the current research that a 65 -year -old couple may require a $ 428,000 to be saved to cover their retirement health care expenses.
Related: How to start thinking about retirement before planning to retire
Responders said that the main reason they do not save for health care, they cannot tolerate it, but many who have access to HSA through their employers do not understand the tax profit and rollover process.
When the employees of the generations were asked to reflect what they had done in different ways to prepare for retirement, they cited three general mistakes: not started to save in young age (49%), did not take full advantage of the 401 (K) match (35%) of their employer and did not pay the loan soon (36%).
Image Credit: Courtesy of Bank of America
Lorna Sabbia, head of the workplace gains at Bank of America, said, “The modern employee wants to help with his comprehensive financial goals.” “Employers must consider additional resources to support their workforce that increase their long -term goals, while helping them deal with short -term challenges.”
