Nearly half of all families have no retirement savings at all. In 2016, the median retirement savings for people approaching retirement (ages 51-56) was $21,000. That’s not great. You can’t live for very long on $21,000. Despite all of the depressing statistics and doomsday warnings about saving for retirement, it doesn’t seem to have any effect on our behavior. Too many of us don’t save or invest enough money. This is a problem because we don’t get a do-over. We only have one chance to plan for retirement.
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Why Don't People Save for Retirement?
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Nearly half of all families have no retirement savings at all. In 2016, the median retirement savings for people approaching retirement (ages 51-56) was $21,000. That’s not great. You can’t live for very long on $21,000. Despite all of the depressing statistics and doomsday warnings about saving for retirement, it doesn’t seem to have any effect on our behavior. Too many of us don’t save or invest enough money. This is a problem because we don’t get a do-over. We only have one chance to plan for retirement.