Tags: retirement | savings | americans | boomers

USA Today: Americans Scramble to Build Retirement Savings

USA Today: Americans Scramble to Build Retirement Savings
(Dollar Photo Club)

By    |   Tuesday, 24 September 2019 11:58 AM

A wide variety of Americans reportedly are planning to make deep financial sacrifices in order to bulk up their retirement savings, according to a new survey.

Sixty-two percent of Americans say they need to catch up and build up their nest eggs, according to a survey of 1,015 adults last month by TD Ameritrade. Thirty-eight percent say they started saving and investing early. The survey, provided exclusively to USA Today, was conducted by Harris Poll.

“The majority of people realize they do need to catch up,” says Keith Denerstein, director of investment products and guidance at TD Ameritrade. “They are willing to take the steps necessary.”

Generation Xers (ages 39-53) are in the direst shape: 73% say they must make up ground, compared with 66% of millennials (23-38) and 51% of baby boomers (55-73), USA Today reported.

Baby boomers are willing to scale back vacations. Generation Xers are poised to downsize homes. And millennials say they’ll hit downtown restaurants and clubs less often, USA Today explained.

However, another recent survey paints a completely different retirement landscape.

Fox Business Network recently reported that a poll by Milwaukee-based financial service company, Northwestern Mutual, revealed that adults age 18 and over don’t plan to stop working when they reach retirement age.

Northwestern Mutual’s 2019 Planning & Progress Study surveyed the economic outlook and behavior of U.S. adults and found that 46 percent of Americans expect to work past the traditional retirement age of 65.

"Baby boomers and Generation X participants responded to the survey with identical outlooks percentage-wise. Eighteen percent of both groups reported they expect to work past the age of 74—which is equivalent to nearly one out five respondents," Fox Business Network reported.

"Conversely, 53% of Americans who said they expect to work past the age of 65 have noted that it will be by choice. This is slightly higher than the 47% who reported they expect to beyond retirement age out of necessity."

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A wide variety of Americans reportedly are planning to make deep financial sacrifices in order to bulk up their retirement savings, according to a new survey.
retirement, savings, americans, boomers
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2019-58-24
Tuesday, 24 September 2019 11:58 AM
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