National Save for Retirement Week kicked off its fourth annual event to raise public awareness about the importance of saving for retirement this week.
Established by Congress, the event takes place October 17-23 and the awareness couldn’t come at a better time. According to TIAA-CREF’s “Saving in America” survey, the company found that more than one in three Americans (39%) are not saving anything toward retirement.
“Many people know they need to save but are unsure how to begin,” said Jennifer Anker, a wealth management director with TIAA-CREF in Seattle. “National Save for Retirement Week presents an opportunity for people to learn about savings opportunities, objective advice and educational information that can help them plan and achieve the future they envision for themselves. Saving is a journey and for people who haven’t started this week is a great time to take the first step.”
According to the survey, more than three-quarters of Washington residents (77%) rely on themselves to make household financial decisions. However, more than half (55%) say they don’t know much about finance.
Research from the Employee Benefits Research Institute also found that more than half of all workers in the United States have less than $25,000 in total savings and investments.