By James Comtois | Pensions & Investments |
The average worker in the U.S. doesn’t start saving for retirement until they’re 31, a new survey commissioned by the Nationwide Retirement Institute revealed.
Of the more than 1,100 employed Americans surveyed, 76% said some factor has prevented them from to contributing as much as they wanted to their retirement plan.
Employed survey respondents cited three main factors preventing them from saving the amount they wanted for retirement: not making enough money (44%), daily expenses (41%) and paying off debt (38%). However, when asked what age people should start saving for retirement, 42% said between the ages of 18 and 24, while 35% said between 25 and 30.
When asked how much they have saved for retirement, 26% percent of respondents said they have less than $1,000 in savings, while 45% said they have $1,000-$25,000 in savings,and 56% have $25,000-$100,000 in savings. All told, only 22% of employees say they feel “very prepared for retirement,” according to the survey.
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