Financial firms and other organizations routinely conduct surveys in the hopes of gaining insight into adults’ habits regarding retirement savings. Such surveys rarely paint a rosy picture and typically indicate many working adults are concerned that they aren’t saving nearly enough to retire comfortably, if at all. A recent survey from AARP is among the latest examples to indicate the fear some have regarding a potential savings shortfall during retirement. That survey, released in April 2024, found that 20 percent of adults age 50 and over have no retirement savings, while roughly three in five fear they will not have enough money to keep them afloat once they call it a career.
Saving for retirement is vital to long-term financial health and can ensure retired adults have enough money to meet both their needs and wants. Insufficient retirement savings can compromise retirees’ ability to pay medical expenses and make it hard for them to realize dreams often associated with retirement, such as travel and additional leisure activities. The good news about saving for retirement is there are many ways for those who have fallen behind to catch up.
