Will Americans have enough saved for retirement?

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Although many Americans have focused on saving for the future during the pandemic, most still have their work cut out for them. In a recent survey by the investment management firm Schroders, fewer than one in three respondents described their retirement planning as “very good” or “fully on track.” The situation is even worse for those nearing retirement age: Only 26 percent of non-retired respondents in this age range said they have enough money saved for retirement, while 60 percent said they do not have enough saved and 14 percent don’t know if their savings are adequate.

“The good news is people are focused on saving for the future even during COVID,” said Joel Schiffman, head of intermediary distribution, North America, for Schroders. “But the question remains, ‘Will they have enough for retirement?’ The way to improve retirement readiness is through better knowledge, guidance and investment choices.”