Americans are not saving enough for retirement. A Bankrate survey in October 2022 found that 55% of Americans said they are behind in their retirement savings and almost 35% said they are “significantly behind.” Even more alarming, 71% of Baby Boomers report being short on retirement funds.
Certainly, inflation has contributed to these outcomes because employees have less disposable income, but this has been a trend for some time. Many Americans don’t realize how much money they need to live comfortably in retirement. And with many people living longer, this is a major issue.
