Here's how much Americans have saved for retirement. (via CNBCMakeIt)
This gap in retirement savings also likely relates to the fact that Americans plan to work longer and retire later. Nearly half of survey respondents across all generations expect to retire after age 65, Northwestern Mutual found. For boomers, things are even more extreme: 68% of respondents say they expect to retire after the age of 65.
For many people, working longer is a choice, the survey found. A number of Americans believe they'll be able to take on second careers or side jobs in order to continue to bring in income later in life, Holbrook says. However, planning to stay in the workforce isn't always a reliable option. Northwestern Mutual found that when people retire at a different age than they plan to, it's typically earlier, rather than later. "It's generally due to health issues or layoffs — things out of their control — which really compounds this [retirement savings] issue," Holbrook explains.
"While people think, 'I'm not in a good position and my solution will be to continue working,' that isn't always an actionable choice that they have." While people think, 'I'm not in a good position and my solution will be to continue working,' that isn't always an actionable choice that they have.To make sure you'll be able to cover your expenses in retirement, it's key to start saving and investing as early as possible.
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