Why the Retirement Crisis Isn’t As Bad As You Think

Couple sits on dock

Are your retirement savings on track? | iStock.com

Americans are notoriously bad savers. Many of us don’t have enough money to cover a $500 emergency, and we’re putting off buying a house to avoid the down payment or drowning in credit card debt. And that’s just to cover the day-to-day costs, to say nothing of planning for the future.

Many Americans are also known to put off saving for retirement until their golden years — and then those years become much less shiny when we realize we haven’t saved enough to fund a decade or so of leisure. That’s why many people might end up working until they’re 80, or indefinitely.

However, the stereotypes about saving for retirement don’t always ring true. While we still have a long way to go, a recent survey from Bankrate shows that people are taking retirement seriously, and doing what they can to start a nest egg.

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