36 Percent Of Americans Haven’t Saved Anything For Retirement

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Retirement - Public Domain

Over a third of all Americans (36%) have not saved any money for retirement, according to a new Bankrate.com (NYSE: RATE) report. Sixty-nine percent of 18-29 year-olds haven’t saved anything, along with 33% of 30-49 year-olds, 26% of 50-64 year-olds and 14% of people 65 and older.

I would like to take this opportunity to thank my dear mother for insisting that I start putting away money as soon as I got my first job out of college. It certainly has added up over 25+ years and indeed mother knows best.

The good news is that Americans who are saving are starting earlier. Twice as many 30-49 year-olds started saving in their 20s as opposed to their 30s. But 50-64 year-olds were only slightly more likely to have started saving in their 20s than their 30s, and Americans 65 and older were almost evenly split between starting in their 20s, 30s and 40s.

(Read the rest of the story here…)

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  • DJohn1

    Why save money? For saving money to make sense you have to have some idea that you will be able to keep that money in your old age.
    If I had saved money in 1966, it would now be worth 1/10th of its original value today. Any interest I may have gained will be lost to inflation.
    If I get sick at any time in the next 10 years, any money I have accumulated will be lost BEFORE the government communist program of Welfare takes over my bills…
    If I need extensive medical care, MEDICAID has a set of rules that only a lazy person could love.
    For I am treated in the same manner as someone that never worked a day in their lives.
    They will steal everything I have ever owned in my entire life if I live in the United States.