One in five Americans admit they have nothing saved for retirement at all, according to survey results from the Indexed Annuity Leadership Council (IALC).
For Americans who have saved, the survey reveals 56% say they are unsure if they will outlive their retirement savings. As life expectancy increases, it is important Americans feel confident in their retirement savings situation, IALC says, and the survey shows nearly 90% do not.
Fewer than one-third of Americans have $100,000 or more saved for retirement. Nearly 25% of Americans are more concerned about their retirement savings today than they were this time last year, and the uncertainty level for more than 50% has remained unchanged.
The majority of Americans (56%) want to ensure they save enough to last their entire retirement. However, only one in five grade themselves with an “A” when describing their financial literacy. In addition, previous research from the IALC shows most Americans are at risk of an unstable retirement. For example, only 9% are focused on diversifying their portfolio, which the IALC notes is essential to manage financial risk, especially when it comes to retirement.
To provide Americans with the knowledge and resources they need for planning ahead, the IALC has created a new, interactive game—Master of Retirement.
“We aim to educate at the IALC, which is why we wanted to do our part to raise awareness about the pending retirement crisis,” says Jim Poolman, executive director of the IALC. “Key insights from our new data reveal Americans are questioning if their retirement savings will last. Our hope is they will see our newly released quiz-style game as an education tool to spark a desire to find a retirement savings plan right for them.”
The survey results are based on Porter Novelli’s Spring Styles among 6,662 U.S. adults ages 18 and older.