You'll Be Shocked at How Many Americans Saved Nothing for Retirement in the Past Year
Social Security generally doesn't provide enough income for seniors to live on -- at least comfortably, anyway. The average recipient today collects about $18,000 a year, but if your earnings are below average, you may be in line for a smaller benefit once you retire. That's why it's crucial to save money for retirement on your own. If you don't, you'll risk winding up cash-strapped once your time in the workforce comes to an end.
But new data reveals that Americans have done a remarkably poor job of saving for retirement in the last year. Specifically, 30% haven't socked away so much as a dime over the past 12 months, according to the SimplyWise September 2020 Retirement Confidence Index.
Now to be fair, the COVID-19 crisis has messed with a lot of people's savings goals. Those who lost their jobs in the course of the pandemic may have had no choice but to pause their retirement plan contributions, and even those who have stayed employed may have chosen to cut back on long-term savings and instead focus on building their emergency funds.
Source Fool.com
