Celebrate 401(k) Day 2018

About 40% of Ameri make enough to save

Why Aren’t Americans Saving Money for Retirement? To find out why Americans aren’t saving, GOBankingRates conducted a survey through Survata. More than 1,000 adults with $0 saved were asked: “What is the main reason you do not have any retirement savings?” The most common reason respondents gave for not saving for retirement was “I don’t make enough money.” About 40% chose this response. The second-most common reason for not saving was “I’m struggling to pay bills,” with about 25% of respondents choosing this answer. Meanwhile, men are still more likely than women to have larger retirement account balances. The survey found that 45% of women have no savings or $10,000 or less, compared with 40% of men. However, that’s an improvement from 2017, when 58% of women had no savings or less than $10,000 saved. In 2016, 63% of women had less than $10,000 saved or nothing at all.

Click here to see the impact of saving early for retirement!

1 Source: 2018 GOBankingRates Retirement Savings survey