It’s no secret the average American is holding onto some retirement preparation anxiety.
According to a new survey from Bankrate.com, 52% of workers have reported feeling behind on retirement savings while more than half with retirement accounts have made an early withdrawal.
Just 21% of those surveyed feel they are on track in terms of savings currently; only 11%, one in nine, feel they are where they should be. 16% have no idea whether they’re on or off track.
Since the coronavirus pandemic sent the U.S. economy into a tailspin, Americans have become more aware of how their retirement funds are matching up. This caused nearly a quarter of Americans to save more post-pandemic than prior to – 9% reportedly saving “much more.”
Workers in the Gen X generation feel the most behind on savings at 60%, followed by Baby Boomers at 56%, Millennials at 49% and Gen Z at 33%.
28% of Millennials top the list for the generation contributing more to their retirement funds post-pandemic. 27% of Gen Z, 22% of Gen X and 20% of Baby Boomers are doing the same.
