It’s never too early or too late to start planning for retirement. However, in the U.S., when it comes to retirement savings, later seems to be the standard. According to RothIRA.com, only 56% of today’s workers in the U.S. are currently saving money for their retirement, and 38% of those currently saving have less than $10,000 saved. With one-third of Americans admitting that they have no retirement savings at all, it’s clear that many U.S. workers will reach retirement age with little to no resources to count on.
Reasons for this vary, from the disappearance of the company pension to the record number of families struggling from paycheck to paycheck, with retirement savings a distant priority. Millennials are also choosing not to save for retirement, choosing instead to pay off student debt, save for a home, or start a business.
While retirement planning is more than simply putting money aside, it’s pointless to plan for retirement without available financial reserves. The good news is that whatever decade of life you’re in, there are relatively painless ways you can begin to build a decent retirement nest egg.