How do Americans think they are doing regarding their retirement savings plans?
Many Americans are fully aware they are behind in retirement savings, while a small minority admits they do not know at all where they stand. According to the Investment Management Consultants Association (IMCA) in a yearly survey of 1,000+ members reports that for those in their 30s, 80% state that they view themselves as being behind in their retirement savings. That number dips slightly, to 67%, for those in their 40s, but 19% of those in their 40s say they do not know if they are behind. This is a cause for concern since only 2% in their 30s say the same.
Alarmingly, 73% of those in their 50s and two-thirds of those in their 60s said they were behind in saving for retirement, with those respondents saying they didn’t know if they were behind falling back to 2% for those in their 50s and a negligible amount in their 60s saying they didn’t know if they were behind.
For more on this important research topic, please check out our new article coming on Thursday.