In the News

Americans Are Not Saving For Retirement, Or Don't Know If They Are, Study Says

By Karen DeMasters September 19, 2019 Financial Advisor

A vast swath of Americans are not saving for retirement or do not know if they have retirement savings, a new survey by the Certified Financial Planner Board of Standards revealed.

But nearly half who are balancing savings and debt, including student loan debt, express confidence they can pay off their debt while still accumulating retirement savings, the study said.

The survey of 2,201 people asked participants how they are jugging student loans and other priorities while still saving for retirement. Forty percent said they are not saving for retirement or do not know if they are saving. Participants with incomes of $100,000 or more are better savers with only 5% saying they are not saving for retirement. Most who are saving are using a 401k or 403b account, an IRA or an investment portfolio.

Twenty-three percent of those surveyed said they or someone in their household has student loan debts to pay off with 49% of the debt holders saying they are confident they can pay off their debt while still being able to save for retirement.

Kevin Keller, CEO of the CFP Board, noted that using a CFP professional can help those people trying to balance competing financial goals...