Retirement, if we’re lucky, comes for us all. And yet half of Americans don’t have enough money saved to retire. It’s no wonder that so many feel unprepared and stressed out about retiring.
According to a new financial well-being poll by the National Endowment for Financial Education (NEFE), which surveyed Americans on various issues related to a person’s financial past, present, and future, including retirement savings, 85% of respondents said that some part of their personal finances was causing them stress. Of that group, 31% said that concern was “having enough saved for retirement.”
Americans’ retirement savings were also affected by the pandemic — in some cases negatively. The poll found that 70% of respondents said they made financial adjustments due to the COVID-19 pandemic. Of that 70%, 21% took from emergency savings or borrowed against retirement savings.
Though it could seem like it’s too late to continue (or begin) one’s financial education once nearing or entering retirement, it could help Americans feel more ready for retirement. In another poll by NEFE, this one regarding financial education mandates, 80% of American adults said they wish they were required to complete a semester or year-long course focused on personal finance education in high school. Eighty-eight percent said their state should require a semester- or year-long course for high school graduation.
Finance experts strongly recommend hitting the books (and podcasts) once reaching one’s golden years. Staying educated can help you maximize your Social Security benefits, plan for healthcare costs, fight inflation and more.
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And even if it feels like time is running out, there are still moves future retirees can make to maximize their savings potential.
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