Americans Are Not Saving Enough
A new report shows why we’re in a savings crisis in this country. Not only are Americans not saving enough overall, but far too many of us aren’t saving anything at all.
Experts say that we need to save at least 10% of our income toward retirement, if we ever hope to be able to retire comfortably.
In addition, we need to save enough to have at least six months worth of monthly expenses, in case of emergencies.
However, Bankrate said that around one in five (18%) Americans are saving nothing at all, while 28% of us are saving 5% — or less — of their incomes.
This rate of saving is clearly not enough, and it will inevitably produce generations of Americans who will have to continue working well past 65 years of age. Today’s savings crisis will be tomorrow’s retirement crisis, unfortunately.
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