One third of workers have no retirement savings
More than one-third of all Americans/Canadians haven’t saved any money for retirement savings, according to a Bankrate.com report.
And 69% of those ages 18 to 29 haven’t saved anything, along with 33% of those between the ages of 30 and 49, 26% of those ages 50 to 64 and 14% of people 65 and older.
And people with part-time jobs are nearly twice as likely as full-time workers to have no retirement savings plan.
“Regardless of age, there is no better time than the present to start retirement saving,” says Bankrate.com chief financial analyst Greg McBride. “The key to a successful retirement savings is to save early and aggressively, but even those on the cusp of their golden years should have some money allocated toward equities as opposed to all cash and bonds.”
Despite their lack of retirement savings, millennials feel more financially secure than any other age group. They feel more secure in their jobs and more optimistic about their current financial situation than any other age group.
The survey also finds that Americans’/Canadians’ comfort level with debt remains mixed. Sentiment slipped slightly this month, as those less comfortable with debt compared to last year edged out those more comfortable. At present, 24% are less comfortable while 23% are more comfortable than one year ago.
Are you paying yourself now by putting money in retirement savings? There are many ways to retirement saving e.g. RSSP plan, segregated funds Mutual Funds and there are other types. Firstly you should talk to an insurance advisor to find the best plan type for you.
Call Glenn to help you find your best plan. Call 1-888-256-8685 or glenn@cuttherisk.com