Just 54% of households have a retirement savings account, according to the Survey of Consumer Finances.
A CNBC and SurveyMonkey poll of 498 Americans found 53% of respondents feel they are behind on retirement planning and savings.
CNBC's International Your Money Financial Security Survey polled about 500 people each in nine countries. Of the 498 people surveyed in the U.S., more than half said they're behind schedule in retirement planning and savings. The poll wasHow to avoid 'ghost preparers' and other tax scams as the April 15 filing deadline approachesPeople hate budgeting. Here's why — and how to reframe itI'm a certified financial planner and tax reporter at CNBC.
Just 54% of Americans had a retirement account as of 2022, according to the SCF, which is published every three years. Their typical balance was $87,000, as measured by the median value.The picture isn't much different for those who are on the precipice of retirement. To that point, the typical 55- to 64-year-old had saved just $71,000 in a 401-type plan as of 2022, according to Vanguard GroupAmple competing financial priorities can make it challenging to save for old age.
Households across income and wealth spectrums may simultaneously be trying to set aside money for financial emergencies, college savings, and buying a car or home, for example.during the pandemic era has led prices for everyday goods and services to rise quickly. The average worker's buying power, from April 2021 to April 2023, as average wage growth didn't keep pace with inflation.
Social Security benefits are funded via payroll taxes and assets held in a federal trust fund. However, demographic trends haveCongress is likely to intervene and the current benefit formula is unlikely to change for current and near retirees, experts said.Globally, Americans seem to trail residents of other nations when it comes to sentiment around retirement preparedness, the CNBC survey found.
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