According to a recent survey performed by Bankrate.com, a third of people (roughly 36%) in the U.S. have nothing saved for retirement. Of the 1,003 adults surveyed, 69% of those with no retirement savings were between the ages of 18 to 29. That’s not entirely shocking given the fact that not only are most adults at that age not even concerned with retirement, but generally things like moving out on your own, higher education expenses, etc. take precedence. However, 33% of those surveyed between the ages of 30 to 49 had no retirement savings and 14% of those age 65 and older had no retirement savings. Most of those surveyed acknowledged that they were not on track in saving for retirement. One can only assume that these individuals are relying in part or in whole on social security.
Given the fact that most reports have predicted the Social Security Trust Fund will run out of money in 2033 and benefits from that point forward would need to be reduced, these statistics are troubling. Those surveyed between the ages of 30 to 49 won’t have even reached retirement age before the Fund runs dry, and the life expectancy of the average American continues to increase.
The Social Security Administration actually has some fairly decent calculators, one of which is the life expectancy calculator. Also, almost all banks and investment companies have free calculators online that can give someone at least a rough of idea of what you would need saved along with Social Security benefits in order to retire. Remember, it’s never too late to start saving!