Poll: Third of Americans have less than $5K in retirement savings

By Ray Downs  |  May 16, 2018 at 10:49 PM
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May 16 (UPI) -- About a third of Americans have less than $5,000 in savings, according to a poll conducted by Northwestern Mutual.

The financial services company's poll indicates Americans nearly 80 percent of Americans are "extremely" or "somewhat" concerned about their retirement, with many having almost none at all.

In addition to one-third of Americans having less than $5,000, the poll found 21 percent of Americans have no savings at all. Out of Baby Boomers, 33 percent have between $0 and $25,000 in retirement savings.

There's also not a lot of confidence in Social Security. About 24 percent of Americans believe it is "not at all likely" they will receive Social Security when they retire and 51 percent say it is only "somewhat likely" they get a check.

"As financial implications of retirement become increasingly complex, inertia just isn't an option," Rebekah Barsch, vice president of planning for Northwestern Mutual, said in a statement. "The good news is that it's rarely too late to start. In fact, we often compare financial and physical fitness because the hardest part is taking the first step. However, once people commit to a strategy and start seeing positive results, they're motivated to meet and even exceed their goals."

Other research indicates retirement savings is a growing concern.

According to research by Bankrate.com, 18 percent of Americans regret not saving for retirement earlier.

Among Americans between the ages of 55 and 64, 40 percent aren't saving for retirement.

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