Dave Ramsey’s organization commissioned a study that shows some alarming statistics about Americans retirement savings.
Only 10% of American adults are saving 15% or more of their income for retirement, which is a good minimum for building enough wealth for retirement. Almost half of Americans (42%) aren’t saving at all.
Millenials and Gen Xers are doing better, almost 60% of them are saving for retirement, but only around 16% of those are saving 15% or more.
Around half of Baby Boomers still working have less than 25k saved for retirement.
Read the entire study when you have time. It’s intriguing and sobering! The bottom line is that most Americans need to prioritize saving. In order to do that, we need to limit spending, focus on getting completely out of debt, and live on less than we make so that at least 15% of our income is freed up to invest for retirement.