1 in 4 Workers Have Less Than $1,000 Saved for Retirement

Credit: fox40.com

NEW YORK — You’re not alone if you have next to nothing saved for retirement. But that doesn’t mean you’re in good company.


Almost one-quarter of workers said they and their spouse combined have less than $1,000 saved for retirement, according to a report from the Employee Benefit Research Institute. Nearly half of everyone surveyed said they had less than $25,000.


Sure, $25,000 can sound like a lot. But it’s a reasonable goal to have that much stashed away by the time you’re 30 years old.


Someone in their early 30s earning $50,000 a year should have about $30,000 saved, according to one calculator. This it totally doable if that person has been saving 10 percent of their income annually, which is the rule-of-thumb suggested by many financial planners.


But more than one-third of those surveyed said they’re saving less than that.


When it’s time to retire, most people believe they’ll need at least $500,000. (Though, 41 percent couldn’t even guess how much their nest egg should be.)


There’s one big difference between those who are on track and those who aren’t. Most of those workers who said they’ve saved less than $1,000 don’t have access to a savings account like a 401(k) at work.


There are roughly 55 million workers in the U.S. who don’t have access to an employer-sponsored plan. To try to help those Americans, President Obama launched a program called the myRA. It’s a starter retirement account that’s similar to a Roth IRA and sponsored by the federal government. But you can only save up to $15,000 in the myRA, and you can’t invest that money in a diversified portfolio — only in a set of conservative investments.


Some states are also looking to offer retirement accounts which would automatically deduct money from workers’ paychecks. Oregon was supposed to launch an auto-IRA program this year, but it could be held up if Congress rolls back an Obama-era rule that paved the way for these state-sponsored programs.


Despite what looks like a lack of preparedness, 60 percent of people surveyed said they were confident they’ll have enough money to live comfortably throughout retirement.

Related Tags

#moneymatters #

Top Stories

Google Doodle Honors American Indian Activist Richard Oakes

He led the occupation of Alcatraz Island in 1969
  • 19 hours ago
  • 102

Family Looking for Man Who Saved Dog from American River

FAIR OAKS — Chuck the pit bull mix is actually well trained. Mom and daughter, Bing and Theresa Simard, have made sure of that. Which is why they didn’t see what happened Sunday coming. “It happened pretty quick. I didn’t realize he was going to go for it,” Theresa Simard said. Bing and Theresa were walking along the Sunrise boat launch, and everything was going fine, until all of a sudden Chuck spotted some ducks. “I could not hold it anymore, […]
  • 1 day ago
  • 40

Amit Shah blames Congress for 'Kashmir problem'

Shah was received by Chandigarh BJP president Sanjay Tandon, the party's local MP Kirron Kher and others.
  • 1 day ago
  • 15

Hunter Dies when Shot Elephant Falls on Him

Harare, Zimbabwe — A South African big game hunter died on Friday in Zimbabwe after a fellow hunter fired his gun at an elephant causing it to collapse on him, according to multiple media reports. According to News 24, Theunis Botha, 51, was leading a group of hunters when four elephants charged the group inside the Good Luck Farm preserve in Zimbabwe. A female elephant lifted Botha with her trunk and another hunter shot her. The elephant collapsed and fell on Botha, killing […]
  • 16 hours ago
  • 14

Driven out by militants, 300 people from Myanmar flee to Mizoram

Lalzirliana pointed out that the refugees were staying in schools and community halls and the Mizoram government was providing them food.
  • 1 day ago
  • 13

Are You Looking for More?
YOU CAN MAKE WEALTH REAL!!
Check this out ...

www.MakeWealthReal.Com

farawayyachtingcharters - Easy Branches
botoxfillerveintheraphyinphuket - Easy Branches

Latest in Regions

How Social Media Can Lead Thieves Right To You

From birthdays to vacations, you probably share all of life’s best moments on social media. But you could also be putting a target on your back for thieves. We all remember the Kim Kardashian robbery in Paris. Masked men robbed the reality show celebrity at gunpoint and got away with 10 million dollars’ worth of jewelry, including her 20 carat diamond ring, the same ring she had just shown off on social media. Not long after, French investigators pointed the […]
  • 49 minutes ago

Police Investigate Homicide in North Sacramento

SACRAMENTO — The Sacramento Police Department is investigating a homicide on Lily Street near Harris Avenue in North Sacramento. Police were initially called out for a report of a shooting near Lily and Harris. When they arrived, they found two men inside a home suffering from gunshot wounds. One of those men died from his injuries and the other is in serious but stable condition. Some initial reports indicated the incident could have been a home invasion, but that has not […]
  • 49 minutes ago

Mother Says Daughter Was Left to Drown in Canal Following Suspected DUI Crash

YUBA CITY — A man has been arrested on suspicion of DUI and may face attempted manslaughter charges after leaving his female passenger to die after crashing a car into a canal off Clements Road, west of Yuba City. Around 2 a.m., a man, identified by the CHP as Travis Stanton, was driving on Clements Road in a silver Mercedes sedan when the car left the road and landed upside down in a canal. Stanton was able to free himself from the […]
  • 49 minutes ago

Video Shows Smash-and-Grab Robbery at Roseville Galleria

ROSEVILLE — Seven seconds of cell phone video capture the tail end of a smash-and-grab robbery at a Roseville Galleria jewelry store. They caught David Zumot’s attention as he was trying to get other people’s attention at a kiosk in the center of the mall. “Like I saw one of them had a white skill mask,” Zumot said. He says he saw five men in masks and hoodies — some wielding baseball bats. Roseville police say they busted glass display […]
  • 49 minutes ago

Teen’s Injury Leads to Football Safety Improvements at Bear River High School

GRASS VALLEY — Bear River High School in Grass Valley received some new practice equipment Monday from Shadowman Sports, designed to reduce the risk of player injuries. It was donated in honor of a student who suffered a traumatic brain injury. Standout athlete Toran Maronic was in a coma for five days last summer after landing head-first into a spectator at an out-of-town tournament. He has recovered remarkably, looking and sounding 100 percent healthy, despite what doctors originally told his […]
  • 49 minutes ago

The Death Toll in Venezuela’s Unrest Has Hit 51 as Divisions Emerge Among the Ruling Socialists

President Nicolas Maduro accuses his opponents of an "armed insurrection," backed by the United States, his ideological foe
  • 50 minutes ago

Former South Korean President Park Geun-hye Has Gone on Trial for Alleged Bribery

She could spend life behind bars if found guilty of graft charges.
  • 50 minutes ago

Gujarat: PM Modi to inaugurate African bank meet today

The sessions will primarily focus on agriculture, healthcare, e-governance, renewable energy, skill development and education, trade and investment, and manufacturing.
  • 2 hours ago

Ariana Grande on Fatal Manchester Incident: ‘I Don’t Have Words’

Singer Ariana Grande is expressing her remorse following an incident at her concert in Manchester, England that left at least 19 people dead. “Broken,” the singer tweeted, hours after news broke of the deadly incident. “From the bottom of my heart, i am so so sorry. i don’t have words.” broken. from the bottom of my heart, i am so so sorry. i don't have words. — Ariana Grande (@ArianaGrande) May 23, 2017 Grande was physically unharmed in the event, […]
  • 3 hours ago

10-Year-Old Raises Money to Buy Vests for Police Department’s K-9s

FRANKLIN, Ind. – Three K-9s at an Indiana police department will have some extra protection thanks to the hard work of a 10-year-old boy. Richie Scott, a fourth-grader at Creekside Elementary School in Franklin, started raising the money for protective tactical vests back in December as part of a community service project. The project was part of Richie’s testing to earn his black belt in taekwondo. “I wanted to protect those who protect me, and the whole community,” Richie told WXIN. Richie and […]
  • 3 hours ago

Education Secretary: School Choice Opponents Have ‘Chilled Creativity’

Education Secretary Betsy DeVos sharply criticized opponents of school choice on Monday, calling them “flat Earthers” who have “chilled creativity” and held American students back. DeVos provided no details of the administration’s plans to promote school choice, an expansive term that includes expanding access to and promoting less-traditional education options, like charter schools or voucher systems. But she did say states that resist school choice innovations would be making a “terrible mistake.” “They will be hurting the children and families […]
  • 3 hours ago

Jury Selection Begins in Bill Cosby’s Assault Trial

PITTSBURGH — For decades, he was one of America’s most popular entertainers. Now Bill Cosby is facing trial on sexual assault charges that could put the comedian in prison for the rest of his life. As his jury selection began here Monday morning, Cosby, 79, leaned back in his chair in the courtroom, looking at the ceiling. As of Monday afternoon, three jurors had been seated: one white female and two white males. The selection process was continuing. Of 100 […]
  • 3 hours ago