We all know that saving money is important, and asking yourself “how much money should I save?” can be a difficult question to answer when beginning. Being a personal finance expert, I am asked this question a lot.
Between saving for emergencies, retirement, vacations, etc. there are a lot of things to consider. And, knowing how much to save is something that many people don't often talk about. When it does come up, it can seem like there is no straight answer.
I’ve talked a lot about savings on this blog, and in my post 56% Of Americans Have Less Than $10,000 Saved For Retirement, I stated that 56% of Americans have less than an average of $10,000 in retirement savings and 33% have no retirement savings at all. This is something incredibly important to address!
Other interesting statistics mentioned in this article include:
- 42% of millennials have not begun saving for retirement.
- 52% of Gen Xers have less than $10,000 in retirement savings.
- About 30% of respondents age 55 and over have no retirement savings whatsoever.
- Nearly 75% of Americans over 40 are behind on saving for retirement.