For too many Americans, when it comes to retirement savings, the Magic-8 Ball appears to be stuck on "Outlook Not So Good." Between rising costs of living and lingering inflation, personal savings has taken a steep decline, according to a recent SecureSave survey. The majority of respondents (61%) say they had either stopped contributing to retirement savings or never started saving in the first place.
A new study from DollarGeek compounds the bad news: No state in the nation is currently on track with hitting recommended retirement savings. Using data from the Federal Reserve System's Survey of Consumer Finances, the personal finance adviser reveals that the average state is over two-fifths (44%) from their retirement savings benchmarks.
Recommended retirement sums vary state to state, based on annual cost of health care, groceries, housing, utilities, and transportation. Generally speaking, the mean national sum required to retire is $760,476, after Social Security income. The most recent figures from the FRS show the average American only has $427,918 in savings.
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Richard Binder
Richard Binder, based in New York, is part of the social media team at ALM. He is also a 2014 recipient of the ASPBE Award for Excellence in the Humorous/Fun Department.
