Findings from a recent survey show that almost half of Americans are not contributing to their retirement. This survey was hosted by LIMRA in April. It was based on a nationally representative survey of 2,697 Americans who are the primary financial decision makers or share responsibility for making financial decisions.
Although the overall percentage was troubling, the results for ages 18-34 showed that a majority (56%) were not setting aside funds for their retirement. “The findings from this survey were disturbing, given that people will increasingly need to rely on their personal savings to make ends meet in retirement,” said Matthew Drinkwater, associate managing director, LIMRA Retirement Research.
This survey found that only a quarter of all Americans and less than a third over the age of 50 work with a financial professional to plan for retirement. Those that did consult with a financial professional were more likely to be contributing to a defined contribution plan or an IRA.