For one in four Americans, that’s the sad little number sitting in their retirement accounts.
In other words, 25% of the country admits they either haven’t started saving for retirement or they’re unsure if they have, according to a new Country Financial report. (That percentage is even higher among the younger generation: Up to 32% of Millennials—those between the ages of 18 and 29—haven’t started saving.)
What are our biggest excuses? Of those who haven’t yet socked away one penny, almost half (46%) say it’s simply not possible for the average middle-class family to save for retirement. As for Millennials, they likely feel constrained by heavy student loan debt, or may feel that retirement is just too far away to make it a priority. (The reality: Starting early is actually one of the biggest advantages we have when it comes to building our nest eggs.)
If you’ve been dragging your feet on finally opening up that 401(k) or IRA, consider what older generations are now finding: Of survey respondents 40 years or older, 47% say they now regret decisions they made about saving for retirement early on. And in a separate Bank of America Merrill Edge report, about 55% of respondents say they’re now stressed out about not being able to save enough for their golden years.
Want to help avoid all that stress later on? Start saving today, and learn how building up a nest egg can be possible on an average income.