A recent Bankrate survey highlights the financial concerns and retirement saving habits among Americans. Not saving early enough for retirement is a common regret, particularly among younger Americans.
But many of them remain optimistic about their retirement goals. A significant portion (45%) of Gen Z and millennials believe they are on the right track with their retirement savings.
However, the survey shows that a substantial number of younger workers are not contributing to their retirement savings, raising concerns about their financial security.
Gen Z workers, in particular, have high expectations for retirement, with many believing they need more than $1 million to retire comfortably. The survey also reveals that insufficient savings are a major factor contributing to financial insecurity for more than 40% of Americans, emphasizing the importance of early and consistent retirement planning.
KRLD's John Liddle talked with Bankrate analyst James Royal about the survey.
LISTEN on the Audacy App
Tell your Smart Speaker to "PLAY 1080 KRLD"
Sign Up to receive our KRLD Insider Newsletter for more news
Follow us on Facebook | Twitter | Instagram | YouTube