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Americans aren’t doing well nearly enough to build and nurture their retirement nest eggs. The spend now, pay later mentality is increasing many customers’ credit card debt, leaving them with little or no money to invest for retirement.
According to a recent study conducted by the Public Agenda Foundation and commissioned by the Fidelity Investment Retail Group, nearly half of all Americans (46%) have saved less than $10,000 for their retirement. And three in 10 of those closest to retirement, pre-retirees between the ages of 51-61, say they’ve set aside less than $10,000. Despite this aversion to saving, the study found that 68% of those polled said they could do more if they made a concerted effort.
Another study conducted by Roper Starch Worldwide Inc. found that African Americans trail the general public in securing retirement vehicles, including savings accounts and IRAs. Unfortunately, living for the moment threatens any hopes of financial stability as baby boomers and Generation Xers march unprotected toward their golden years.