Study: 1 In 3 Americans Has $0 Saved For Retirement
According to a new study,1 in 3 Americans has not saved any money for their retirement.
The survey was done by GOBankingRates and was conducted as three Google Consumer Surveys. It asked the following question: "By your best estimate, how much money do you have saved for retirement?"
Not only do a third of Americans report no retirement savings, 56% of Americans say they saved less than $10,000. The results reveal a striking gender gap when it comes to retirement savings. Women are 27% more likely than men to have no money saved for retirement. Men are twice as likely as women to have retirement savings of $200,000 or more.
The study quotes Kristen Bonner, the GOBankingRates research lead for the survey, who cites Census Bureau data showing women earn 79 cents for every dollar a man makes in a fulltime position.
"Women cannot save as much for retirement because they are not earning as much,” Bonner says.
Read the entire report.