Name: Americans struggling to save for retirement
Uploaded: 2025-10-31T01:07:22.189Z
Duration: 2 min 59 s
Description: Bankrate found 58% of workers feel behind on retirement savings.

Bankrate found 58% of workers feel behind on retirement savings.

Washington

Recent data from Gallup indicates that 4 in 10 Americans do not have funds in retirement accounts such as 401(k)s or IRAs. Additional research from Bankrate shows that 3 in 5 people feel behind on their retirement savings, with only 42% currently on track for retirement security, according to Vanguard.

Experts recommend maximizing employer-sponsored retirement plans, making catch-up contributions, and reducing high-interest debt. Concerns about the reliability of future Social Security benefits are also growing across generations, prompting financial advisors to encourage proactive planning and cost-cutting measures.

Americans struggling to save for retirement

According to Gallup, 4 in 10 Americans do not have money tucked into a retirement savings account like a 401k or an IRA. And other research warns working adults that many are falling short on the savings they will need to retire. Americans, including retirees, are juggling financial challenges. Prices keep going up and I'm retired and my income is not going up as fast. Which is why people closing in on retirement should not glaze over reports warning that many workers are underprepared. Among them, Bankrate, which found 3 in 5 people feel behind on retirement savings. There is, I would say, a high degree of awareness about the challenge. Then comes the question, well, what are we going to do about that? Bankrate's Mark Hamrick says if you have an employer-sponsored savings program, take advantage of an employer match. That's money, if you don't take advantage of that, you're truly leaving on the table. Sabino Vargas is a senior financial advisor with Vanguard, which found 42% of Americans are currently on track to achieving retirement security. We believe we're seeing strong progress and that's mostly because of access to 401k plans. But he says there's room for improvement for baby boomers and Gen Xers approaching retirement age. What I would encourage them to begin to analyze is how do catch-up contributions fit into their plan, eliminating any high-interest debt. Consumer and money-saving expert Andrea Warrock encourages parents to shift their priorities, even if that means putting less money into their child's college fund. Your children can take a loan out for college and you can help them pay that off later, but you can't take a loan out for retirement. To put away extra money for retirement, she says, look for every savings opportunity to cut your monthly bills, like bundling your insurance, dining out less, and evaluating your cell phone plan. So start figuring out where you can cut back. Feeling ready for retirement and being ready are two different things, so experts recommend working with a financial advisor to prepare a game plan. If you still feel behind, consider working a few years longer or even part-time. Do you have a hobby or skill that you can promote? Even if you're a year away from retiring, Hamrick says there's always an opportunity to do better. Every bit of incremental improvement that you make in this process is going to make a difference. On top of not having enough money saved up, there's additional fear that workers will not receive Social Security benefits. Bankrate found that every generation is increasingly concerned that promised benefits will not be paid to them in retirement. Holly Ferfer, Scripps News Group.

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