A scary statistic was recently uncovered in a survey conducted by LendEDU. Nearly 40 percent of Americans fear they will never save enough money to retire. Bloomberg reports:
That’s despite nearly one in five Americans who said having enough money saved to be able to retire is their most important financial goal, according to a survey of 1,000 adults conducted by LendEDU in May.
More Americans said saving for retirement is more important versus those that indicated paying off credit card debt or building an emergency fund, according to the survey. However, slightly more respondents said buying their own house or apartment was their most important financial goal.
On average, monthly benefits for a retired worker from the Social Security Administration are US$1,468.39 or only about US$17,600 per year.
Americans who work hard should be able to enjoy their retirement years. Poor planning and financial catastrophe lead to too many Americans working during retirement.
If you don’t have a retirement plan, you should talk to an expert and build one today. Waiting will only make it more likely that you’ll end up working into what should be your retirement years.
Originally posted on Your Survival Guy.