There is new evidence that the up and coming generation have nothing in the bank as they approach that magical time known as retirement…..

A new survey shows just how much of a struggle it will be….

A new survey on the saving habits of Americans reveals some stark truths for a large number of people:

• 28% say they have saved nothing for retirement, according to the GoBankingRates survey. The breakdown for that by age group: 18-24 (28% have nothing saved); 25-34 (30%); 35-44 (35%); 45-54 (33%); and, maybe the most surprising, 55-64 (25%).
• 39% do not contribute to a retirement fund.
• 30% don’t think they’ll be able to retire, period.
• Previous studies suggest that most US adults figure they will need between $1 million and $1.25 million to retire comfortably, per MarketWatch.
• In the new survey, 25% of respondents put their retirement goal at less than $500,000; 25% put it between $500,000 and $1 million; and another 30% have it at more than $1 million. The problem is that most people’s savings don’t appear to be on track for these goals. The majority, 71%, would have five-figure savings at best, unless their habits changed. The survey is based on responses from 1,000 people.

This is sad news….but with this economy I can understand it.

I was fortunate that I had a sizeable savings but as the years tick by that wad of cash grows smaller and smaller.

Just thought you should know.

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