Home / 401k News / The Top 7 Reasons Almost 33% of American Workers Have Saved Nothing for Retirement

The Top 7 Reasons Almost 33% of American Workers Have Saved Nothing for Retirement

There are many reasons people do (or don’t do) the things they should. According to GoBankingRates.com, almost 33% of American workers have saved nothing for retirement. That is an astounding statistic and spells trouble for the entire economy down the road.

Knowing the reasons for people not saving is a start, this way you may be able to identify a few solutions.

Here are some of the reasons listed for workers not saving for retirement according to GoBankingRates:

  1. THEY DON’T THINK SAVING FOR RETIREMENT IS A PRIORITY

About 40 percent of Americans said saving for retirement simply isn’t a priority for them, found the GOBankingRates survey.

  1. THEY ALREADY SPENT THEIR RETIREMENT SAVINGS ON AN EMERGENCY

Many Americans don’t have a single penny set aside in a retirement account because they used the funds to take care of emergency expenses or other priorities.

  1. THEY DON’T HAVE ACCESS TO A WORKPLACE RETIREMENT PLAN

Approximately 19 percent of survey respondents pointed out their employer doesn’t offer them a retirement plan. So they haven’t saved anything.

  1. THEY DON’T THINK THEY NEED RETIREMENT SAVINGS

Whether it’s because they expect to earn enough through passive income when they leave the workforce or they’re expecting a trust fund payout, about one in 10 Americans don’t feel the need to set aside a portion of their paycheck for the future, found the survey.

  1. THEY PLAN TO RELY ON SOCIAL SECURITY

Adults 65 and older spend an average of nearly $45,000 a year, according to the Bureau of Labor Statistics.

  1. THEY’RE STILL RECOVERING FROM THE 2008 CRISIS

It might be nearly 10 years later, but many people are still recovering from the 2008 financial crisis — and survey participants said this is the reason they haven’t saved for retirement.

  1. THEY DON’T MAKE ENOUGH MONEY TO SAVE FOR RETIREMENT

Not earning enough money is another reason some Americans are ignoring their retirement fund, found the GOBankingRates survey.

Timothy Kelly
Follow me