“Securing Your Retirement: Steps to Take Now for a Financially Sound Future”

A recent Retirement Savings Survey from Bankrate reveals that 57% of American workers are uncertain if they can comfortably retire, with many feeling behind on their savings. Interestingly, younger workers are more optimistic, potentially due to having more time to save. However, 30% of workers are contributing less to their retirement savings compared to the previous year. Gen Z workers are the most likely to be saving more than before. The survey also shows that workers with some college education feel behind on their savings compared to those with a four-year or post-graduate degree.

When looking at retirement savings by age, older workers, specifically Gen X and baby boomers, feel the most behind, while millennials and Gen Z workers are more optimistic. Income also plays a role, with lower-income workers feeling the most behind on their savings. The survey highlights the importance of increasing retirement contributions, with only 27% of workers contributing more and 16% contributing less than before. Taking steps such as asking for a raise, getting a side hustle, and paying off high-interest debt can also help boost retirement savings.

The survey also reveals that many workers do not know how much they need to save for retirement, with 23% unsure of their target retirement savings number. Among those who have a goal, there is a range of expectations, with younger workers feeling they need more money to retire comfortably compared to baby boomers. Ultimately, working with a financial advisor can help individuals get their finances on track and plan for a financially sound retirement. It is essential to take action now, regardless of age, to secure a comfortable retirement in the future.