How much are one-quarter of Americans saving for retirement? Nothing, nada, zilch, a fist full of bupkiss.
According to a new report from the Employee Benefit Research Institute, more than one-quarter (26 percent) of United States workers say they and their significant other have saved less than $1,000 for their retirement. Also, more than one-quarter (27 percent) of couples save less than 10 percent of their household income.
Meanwhile, nearly one-fifth (16 percent) reported having being $1,000 and $10,000 put away for their retirement.
So, why aren’t Americans saving more? Most of the survey respondents cited day-to-day expenses, small paychecks, growing education costs and servicing debt payments as reasons for their lackluster retirement savings habits.
How much should you be saving? Any financial expert will point to the figure of at least 10 percent of your annual income.
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