This article focuses on the average amount of retirement savings throughout the US. According to the fifth annual Wells Fargo Middle-Class Retirement study, the average middle-class American only has about $20,000 saved for retirement. 41 percent of middle-classed Americans between ages of 50 and 59 are not currently saving for retirement, and nearly a third of the respondents claimed they might not have enough money to survive after they retire. Across all age groups, almost half are unsure whether they will be able to “live the lifestyle they want.” The author discusses a few main saving tips; start saving as early as possible, increase your rate of savings, and leave the saving account untouched.
It’s scary to think that some people’s life expectancy is greater than their money expectancy. This should be a wake up call to younger generations and show them how important saving for retirement can be.
ReplyDeleteThe rise in retirement age and the willingness to work till a higher age, could also be one of the reasons for this happening
ReplyDeleteI think the three tips at the end are very important to look at. Also, these tips should not be taken for granted. While many people do not think about retirement saving until they are older, it needs to be thought of soon. Saving early can be one of the keys to living a preferable life after retirement.
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