Nearly half of Americans reportedly have less than $10,000 stashed away for retirement, and are in danger of retiring without much money.
The No. 1 reason most people cited for not stashing more away was because they didn't earn enough to save, followed by the fact that they were already struggling to pay bills, CNBC reported, citing a new survey conducted by GoBankingRates.
The personal finance site GoBankingRates polled more than 1,000 adults online in February.
For those with little or no savings, a serious lack of proper investment income and planning, coupled with a longer life expectancy, has destroyed any retirement expectations, CNBC explained.
If they don’t boost their savings, they’ll likely retire broke because that’s not enough to cover a year’s worth of expenses. On average, adults 65 and older spend almost $46,000 a year, according to the Bureau of Labor Statistics.
Included in that 42 percent with less than $10,000 saved is the 14 percent of respondents with absolutely nothing saved for retirement. This group could be at the most risk of retiring broke if they don’t start taking steps to catch up on retirement savings.
On the other hand, the survey found that the majority of Americans have more than $10,000 saved for retirement, GoBankingRates reported.
- Nearly 7 percent said they have $10,000 to $49,999 saved.
- Nearly 13 percent said they have $50,000 to $99,999.
- More than 12 percent said they have $100,000 to $199,999.
- Nearly 10 percent have $200,000 to $299,999.
- About 16 percent have $300,000 or more in retirement savings.
However, another report indicated there is some thought about retirement planning in America.
About 15 percent to 20 percent of Blackstone Group LP’s annual fundraising currently comes from retail investors, Joan Solotar, head of private wealth solutions at the firm, said in an interview Tuesday with Bloomberg Television’s Erik Schatzker. That proportion, she said, will rise in the next five to 10 years.
Retail investors come with different concerns and priorities than institutional clients. The 10-year lockup on traditional buyout funds, for example, can be difficult for individuals who have larger or more unpredictable cash needs than a pension or sovereign wealth fund. Private capital vehicles also typically charge higher fees than liquid pools that individuals are accustomed to.
Meanwhile across middle America, in the towns big and small that voted overwhelmingly for Trump, his most ardent, and financially comfortable, backers are opening stock-market accounts or beefing up existing ones, Bloomberg reported, citing interviews with more than a dozen advisers and brokers.
“I hear it every day,” said Jimmy Freeman, a financial adviser at Edward Jones in San Angelo, a city of some 100,000 that’s just east of the booming Permian Basin shale oil fields. “The market’s going up because of Trump. They all think it’s Trump.”
They were spurred on by a stream of presidential tweets crowing about, and taking credit for, the gains throughout 2017 and the strength of the economy, and they remain undaunted now as the rally sputters and the tweeting dissipates.
“It has really made a difference in attitudes,” said Jimmy Waggoner, an investment adviser with VisionPoint Advisory Group in Sioux Falls. So much so that in Covington, Rob Smith, an adviser at Edward Jones there, said he tries to tap down on the enthusiasm. “I dissuade people from thinking any specific politician or even event will have that much of a long-term positive or negative effect on markets.”
(Newsmax wire services contributed to this report).
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