Setting aside retirement and personal savings has been difficult for a lot of Americans, according to The Harris Poll. In fact, a survey released this week by the internet-based market-research panel found that around one-third of Americans have no retirement savings or no personal savings.
Number of Americans with No Savings is Growing
The survey revealed that of the 2,151 Americans surveyed in November 2010, 34 percent have no retirement savings and 27 percent are without personal savings.
Unfortunately, these numbers represent increases over the last survey issued 18 months prior. In that survey, 30 percent of Americans were without retirement savings and 22 percent were without personal savings.
The Harris Poll found that a larger number of individuals are having a difficult time figuring out how to set money aside partially due to strained economic conditions. Also, some think individuals still have a lack of trust in the stock market and other investments that could grow their money faster.
Those Close to Retirement Are Struggling Too
While the survey numbers reflect all Americans, The Harris Poll found that a number of people closer to retirement, including Baby Boomers, have no savings as well.
According to the survey, among Baby Boomers ages 46 to 64, 25 percent have no retirement savings. And among Matures, those ages 65 and over, 22 percent have no retirement savings.
These numbers represent about one-fourth of their populations and are indeed unsettling. With nothing set aside for their livelihood, many older workers will be forced to request full assistance from the government or continue working well past the full retirement age to make ends meet.
What to Do If You Have No Savings
If you are among the population that has no retirement or personal savings, it’s time to begin setting money aside so that you will have something to work with when you’re ready to retire.
Retirement planning is something everyone should start no later than their first career job. When you’re handed a 401(k) account, you want to utilize it to its fullest.
However, even if your job doesn’t offer one, you could place money into high-interest savings accounts, money market accounts and CDs to grow your funds. As long as you’re putting away money for both retirement and personal expenditures/emergencies, you’re headed down the right path.
If you need retirement tools to get you started, first determine whether you’re saving enough for retirementthen use a retirement calculator to help you determine how to save.
As for personal savings, there are tons of savings tips and calculators out there to take advantage of. So use every tool available to ensure you don’t end up without a financial safety net and comfortable retirement.