HomeInvestments27% of Older Americans Have Less Than $10K Saved up for Retirement

27% of Older Americans Have Less Than $10K Saved up for Retirement

A recent survey by Sagewell Financial showed almost one-third of older Americans are not ready for retirement. According to the survey results, which were made available on Tuesday, 27 percent of Americans approaching retirement have less than $10,000 saved up.

Women are particularly in a challenging position, as 32 percent of them have savings below $10K. In addition, almost half of women participating in the survey had less than $50K saved up, while more than 60 percent have fears they will “run out of money.” Also, 15 percent of women expect to get less than $1K in retirement compared to six percent of men.

The survey was conducted in May with 1,004 Americans aged between 55 and 67 taking part. According to the company, the survey’s goal was to “gauge how seniors view the certainty of their retirement planning in a post-pandemic world.”

Among other key findings, the survey also showed that older Americans are willing to work in retirement more than ever. More than 70 percent of those participating confirmed that they plan or would consider working after retiring. Also, a surprising number of them are interested in cryptocurrency, with almost 30 percent having already invested or planning to invest in crypto.

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