Fidelity analyzed the balances of those who remained invested in their 401(k) in the decade following the Great Recession of 2008 and found that the balances went from $52,600 to $297,700.
Respondents to research by the CFP Board and Morning Consult described saving for retirement with the words "overwhelming," "complicated," "impossible" and "confusing."
Many workers feel unprepared for health expenses in retirement, have not prepared very well and plan to work later, the EBRI Retirement Confidence Survey found.
Over the course of five years, the percentage of those who feel they are prepared for retirement more than doubled.
Because people are living longer, healthier lives, the Wells Fargo Investment Institute has suggested different ways that Millennials, Generation X and Baby Boomers can successfully save for retirement.
Those who have a health savings account are more certain about how they will cover future health care costs.
Fifty nine percent said it was only “somewhat likely” or “not at all likely” that their savings and Social Security will be enough to last them throughout their retirement, AARP learned in a survey.
Among all age groups, 76% think people in their generation will have a harder time achieving financial security in retirement than their parents, the Transamerica Center for Retirement Studies found.
Robert Scheinerman, president, AIG Retirement Services, says smart retirement plan design, access to advisers and passage of pending legislation can help Americans have enough money for a 40-year retirement.
A large number of Boomers lack any kind of planning for retirement, and most have not set a retirement goal, IRI research found.
One of the ironies of surveys of U.S. workers’ retirement confidence is that improved economic conditions allow people to look towards the future, which can in itself cause greater financial anxiety.
Asked what benefits support their well-being, 74% said retirement plans, 56% said life insurance, 35% said tuition reimbursement/student loan repayment programs, and 29% said financial education.
Although only 56% of independent workers are actively saving for retirement, they are just as likely as traditional workers to feel they are financially prepared for retirement, a T. Rowe Price survey found.
The high stated retirement confidence of physical workers reflects the fact that the sample is relatively young and majority male, according to Aegon researchers, who also say that employers with predominantly physical workers can do more to boost their true retirement readiness.
Starting people off with a deferral rate of 3% is actually a disservice, experts agree.
Just over six out of 10, 61.6%, said they engage with their retirement plan, according to a survey by Vestwell.
Those married or partnered are more likely to have a focus on saving for retirement, while those who are single are prioritizing affording everyday bills and paying down student debt, and these differences are even more dramatic for older generations, the Society of Actuaries (SOA) has found.
Almost all of those with high fragility are prioritizing being able to afford everyday bills, while those with low fragility are prioritizing saving for the future, including for retirement, according to a Society of Actuaries report.
Individuals polled by First National Bank of Omaha also shared reasons they do not have as much savings as they'd like.
The strain of supporting other family members financially is taking a toll, PNC learned in a survey.