Need to save more for retirement? The study says you’re not alone

For most workers, a comfortable retirement is the ultimate goal. Unfortunately, 57 percent of all workers aren’t sure they can comfortably transition into retirement, according to Bankrate’s latest retirement savings survey. Part of that doubt may stem from uncertainty about when Social Security will run out of money. However, interesting generational differences emerged in the study. Younger workers tend to be more optimistic, probably because they have more time to spare. In some cases, they take action; Gen Z workers are the cohort most likely to say they are saving “a lot more” or “a little more” than last year.

How about you? Are you taking action? There are steps you can take now, regardless of age, to ensure a financially sound retirement.

Key survey findings

• More than half, or 57 percent, of American workers feel behind where they should be in their retirement savings.
• Over 30% feel significantly behind.
• More than 60 percent of workers are contributing more or about the same amount to their retirement savings than they did a year ago.
• But 37% contribute less than a year ago.
• Nearly half (48%) of American workers with a retirement goal don’t think they’ll be able to save that much.

Age Pension Savings