Twenty-six percent of 50 to 64-year-olds have not saved any money for retirement, according to a new Bankrate.com report. And the same applies to 14% of people 65 and older.
“The key to a successful retirement 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,” says Bankrate.com chief financial analyst Greg McBride, CFA, in a statement.
Overall, Americans’ feelings of financial security were unchanged from one month ago, indicating a slight improvement in their financial security compared to one year ago. Bankrate.com’s August Financial Security Index registered at 100.1. Any number above 100 illustrates improved financial security compared to one year ago, while any number below 100 reflects deteriorating financial security.
For those older Americans who are saving, 50-to 64-year-olds were only slightly more likely to have started saving in their 20s than their 30s, and Americans 65 and older were almost evenly split between starting in their 20s, 30s and 40s.
The survey, conducted by Princeton Survey Research Associates International (PSRAI), polled 1,003 adults living in the United States between Aug. 7 and Aug. 10.
Read the full report here.
Written by Cassandra Dowell