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The Retirement Savings Crisis: An Illustration

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This infographic by the folks over at the Masters in Accounting site speaks volumes about the lack of retirement readiness here in the U.S.   What are you doing to ensure that you are on track for retirement?

 


Image created by www.MastersinAccounting.info

 

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Comments

  1. Wow, those numbers are pretty scary. I am going to make sure that I don’t end up a part of some of these statistics.

    • Roger Wohlner says:

      Jake I think that’s a good goal and a ood reason for younger folks like yourself to take advantage of your biggest retirment savings ally time.

  2. Wow, those numbers are just a bit staggering, though not terribly surprising. I can’t get over the number that have less than $1,000 in savings/investments.

  3. Thanks for sharing those stats Roger. I am saddened to think that some people have nothing saved, not even enough for a major car repair. Lots of folks living on the edge.

  4. Roger Wohlner says:

    Pat thanks for your comment. You are totally right in that achieving a financially successful retirement takes work and diligent, regular saving during your working life.

  5. Kristine says:

    These are scary numbers. I wonder if the 56% of workers who have not tried to calculate how much they will need for retirement actually looked at the numbers if it would make a difference. Is it lack of education or lack of resources?

    • Roger Wohlner says:

      Kristine thanks for your comment and I agree these are scary numbers. I suspect the cause is both a lack of resources to save in some cases and a lack of education in others.

  6. JoeTaxpayer says:

    $30K is the top 25% for retirement savings. This is the most frightening take-away from this infographic. Are we all just going to be happy with our social security checks?

    • Roger Wohlner says:

      Joe thanks for your comment. Hopefully when you and I are on Social Security we will still be going to blogging conferences and we will have a bit left over to afford a couple of beers.

  7. Dennis says:

    Impressive and scary. Also very thought-provoking in terms of personal choices: we need to save, and spend smart.

  8. This is good for our retirement , that saving something, however small, is better than nothing: ‘Starting a pension this early is a great way to build up a bigger retirement fund for later in life, as you add more contributions over your lifetime and they have longer to grow. Even if you can only afford a small amount, this is about forming a healthy savings habit.

    • Roger Wohlner says:

      Thanks for your comment. You are absolutely correct in that starting a savings program for retirement is vital no matter how small the initial contributions may be.

  9. Melissa Bright says:

    These numbers are very alarming and this should prompt the people to make the necessary preparations before reaching the retirement age. Social security may be reliable but what if your expenses after retirement is much bigger than your income through social security? You should ask these questions first and assess your future needs early. It’s better to face the future prepared with assets and investments rather than just rely on government programs.

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