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    Many Americans Unprepared for Retirement – Federal Reserve

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    Over thirty percent of Americans who are still working, are unprepared for retirement – they have no retirement savings or any financial resources for leaving, according to the recent report by the Federal Reserve on the economic well-being of US households, released by the Board of Governors on August 7, 2014.

    MOSCOW, August 11 (RIA Novosti) — Over thirty percent of Americans who are still working, are unprepared for retirement – they have no retirement savings or any financial resources for leaving, according to the recent report by the Federal Reserve on the economic well-being of US households, released by the Board of Governors on August 7, 2014.

    Having surveyed online over 4,100 respondents, the study shows that even out of those close to retirement age – from 49 years-old to 59, twenty three per cent have zero money saved for the purpose.

    The rate reaches fifty per cent for the youngest category between 18 and 29.

    The polling also shows that a lot of people rarely thought about retirement, “at least not until it was too late”.

    The respondents say the reason for such a poor preparedness is not only the lack of caring, but a combination of low resources and poor awareness.

    The study reveals that over two-thirds of Americans reported “being the same or worse off financially” if compared to their incomes in 2008, the starting year of the US financial slowdown.

    And 34 percent of the respondents report of doing “much worse” than in 2008.

    Education, student loans and jobs were also among financial concerns of those included in the survey.

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    report, retirement, Federal Reserve Board
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