Many Americans Not Ready for Retirement
(CNN) — The golden years are not looking too bright. When it comes to putting away money for retirement, most people aren’t saving enough.
Many workers dream of retirement. They can travel whenever they want, buy a little house on the beach, or take a cooking class.
However, a new study from Bankrate says that when it comes to saving for retirement, Americans need to do better.
Only 18 percent of people have boosted their retirement savings in the past year. Even worse, 17 percent are saving less.
Most people — more than half of those surveyed — are saving the same as they did last year, but the past year has been a year of recovery.
Economic growth is picking up, home prices are rising, and the stock market jumped to record highs. Things aren’t back to normal, but they are improving.
Bankrate says that of all age brackets, older Americans, 50 to 64, are most likely to be saving less. That’s worrisome because it’s typically when a person is earning the most.
The problem is that many people just can’t afford it.
Many older workers were laid off or offered early retirement packages during the recession.
Others saw the value of their biggest asset — their house — take a huge hit and it hasn’t fully bounced back yet.
But Bankrate says people are feeling better about the job market, so hopefully, as the economy heals, so will our ability to save.