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Retirement Saving Takes Time And Must Be A Priority

The bad news: If you’re like most people, you haven’t made adequate plans to ensure a comfortable lifestyle throughout retirement. The good news: You may still have time to do something about it.

According to a new study of almost 1,500 Americans by the National Bureau of Economic Research (NBER), many people lack essential financial literacy, and for most, prospects for a secure retirement may be even dimmer than feared. According to NBER:

  • Fewer than one in 10 respondents was able to answer basic financial questions correctly.
  • About 50% said they had trouble keeping up with monthly bills.
  • Only about half had “rainy day” funds large enough to cover expenses for three months in case of lost income.
  • Almost a third had done something resulting in an interest charge or fee for credit card charges.
  • Only 42% said they have tried to figure out how much to save for retirement. Of those between the ages of 45 and 59, more than half said they hadn’t calculated how much they’ll need for retirement.
  • Only 51% had a retirement account with an employer, and just 28% had another retirement account such as an IRA.
  • During the past year, 9% of those with a 401(k), IRA, or another retirement account tapped the account prematurely.

The takeaway? Start now, during your working years, to get up to speed on financial matters and take steps to protect your future.

This article was written by a professional financial journalist for Legend Financial Advisors, Inc. and is not intended as legal or investment advice

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