New data from the Fed shows the same story on the retirement crisis: Americans are doing a poor job at saving.
Americans aren’t saving enough for retirement and those who do save aren’t sure what they’re doing, the latest Federal Reserve data show.
More than a third of non-retired Americans say their savings is on track but one-quarter have no retirement savings or pension. But saving isn’t the only problem — managing those assets is also an issue for Americans, according to the Report on the Economic Well-Being of U.S. Households in 2018 .
The perception of being prepared for retirement increases with age, even if they have little or no assets stored away. About 17% of Americans 45 to 59 years old have no retirement savings but 42% of them said they were on track for retirement; 13% of those 60 and older reported they had no savings at all but 45% said they were prepared.More than half of participants said they save for retirement in a defined-contribution plan, like a 401 and a third said they use an IRA.
Financial literacy is low among all Americans, and it’s no different when considering retirement. Workers may be asked to choose the investments in their portfolios, but many aren’t sure how much of each security to invest in and which are the best options for them in the long run. Male participants appeared to be more comfortable investing their retirement accounts than their female counterparts, regardless of their level of education.
More from MarketWatch Alessandra Malito Alessandra Malito is a personal finance reporter based in New York. You can follow her on Twitter @malito_ali.
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