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Saving for retirement is the top financial priority of Americans with 93% saying saving for retirement is important, even when it’s financially tough, according to a new Principal survey, Principal Real Life Retirement Journeys, For middle-income households (those with between $50,000 and $99,999) specifically:
- 90% say starting to save when they did was “worth it”
- 77% are savings for retirement
- 7.8% is the average savings rate
- 40% anticipate their retirement will be better than initially envisioned
“Americans should be encouraged to know the priority they have placed on saving for retirement is meaningful and beneficial to their futures,” said Teresa Hassara, senior vice president of workplace savings and retirement solutions at Principal. “Many are within range of a recommended minimum savings rate of 15%1 when you include the typical employer match of 4-6%, which helps put them on the right path for a secure retirement.”
In total, 93% of individuals surveyed said saving for retirement is important, even when it’s financially difficult. More than half said their retirement aspirations were first influenced by family members (65%) and/or friends or peers (52%). However, the survey found employers (9%), financial professionals (9%), and retirement plan service providers (7%) to be increasingly more helpful sources of information when they began saving.
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